Total Military

2012 Non-Bank Borrowing

Total Military
Used Non-Bank Borrowing35%
Didn't Use65%

Total Military by Status

% Used Non-Bank Borrowing

Used Non-Bank Borrowing
Not Activated32%
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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.