|Used Non-Bank Borrowing||35%|
|Used Non-Bank Borrowing|
Despite their nearly universal access to traditional banking services, a sizable share of military respondents reported engaging in alternative forms of borrowing, such as taking out an auto title loan or a payday loan, getting an advance on a tax refund, using a pawn shop or using a rent-to-own store. These borrowing methods may be likely to charge higher interest rates than those charged by banks, credit unions or credit card companies.
While steps have been taken in recent years to protect military personnel from certain predatory lending practices, military bases are still favored locations for some non-bank lenders.