The Pentagon Federal Credit Union Foundation is dedicated to assist the men and women and their immediate families in the Department of Defense and Homeland Security. This includes both uniform and non-uniform personnel. Our Military Heroes program provides support to those wounded in the war against terrorism. Given the large numbers of wounded and the long-term nature of their challenges, the government faces budget and logistical problems in meeting their needs. That’s where the Foundation steps in to help.
Military personnel and their families face financial stress due to relatively low pay, extended deployments and combat injuries. Payday lenders target those in the military because they have regular paychecks and must pay their bills or risk losing their security clearances. The Asset Recovery Kit (ARK) gives no-interest emergency cash loans and free professional counseling to help solve money problems.
Military families deserve their piece of the American Dream. They often cannot purchase a home the cornerstone of this dream because of the high cost of housing. Dream Makers is a grant program which assists first-time home buyers of modest means who are in the service of our country’s national security.
The Pentagon Federal Credit Union Foundation provides support to those wounded in the war against terrorism and their families through our Military Heroes program.
From a recent Department of Defense study*
Predatory lending practices are prevalent among and target military personnel. They seek our young, financially inexperienced borrowers who have bank accounts and steady jobs, but also have little in saving, flawed credit or have hit their credit limit. They market to the military through their heavy presence around military installations, particularly near the front gates, and through the internet.
Military families are a market of choice for predatory lenders:
Military families are heavy users of payday lenders:
Military families report financial problems:
Predatory lending undermines military readiness, harms the morale of troops and their families and adds to the cost of fielding a fighting force.
Military families are frequently assigned to high cost areas where leases are expensive and with limited or perhaps no base housing options. Many of them, from junior enlisted to senior officers, will only purchase their first home after they leave or retire from the service. And, few others are subject to more involuntary relocations during their careers.
With the financial stresses that military families face, many find it hard to save enough for down payments and closing costs for that first home.
Simply by virtue of their service to our country, the American Dream of homeownership is extremely hard to achieve, extremely risky, or simply out of reach.
*Information excerpted from the Report on Predatory Lending Practices Directed at Members of the Armed Forces and Their Dependents, Department of Defense, August 2006