Typically, firms that market pension advances argue that their products are not loans, freeing them from the need to comply with state usury laws and licensing regulations, as well as the federal Truth in Lending Act.
A U.S. Senate committee is investigating companies in the business to determine whether they charge illegally high rates of repayment interest. A good way to protect yourself is to NEVER transact anything over the phone regarding finances or property. Get a name, company name, and phone number and tell the person you will get back to them. I wonder how quickly the phone disconnects.
Speak to you again next week.
Jim Vines is commander of AmVets Post 133.