Whether it’s for a want or a need, some service members who are not careful with their money might end up finding themselves in a hole that might be harder to climb out of than they expect.

Payday or car title loans may sound good in advertisements, but there’s a reason why this form of quick cash is referred to as “predatory lending.”

“They target the military because they make them do an allotment because they know they can,” said Presha Merritt, director of Navy-Marine Corps Relief Society, Quantico. “They make them provide their Leave and Earnings Statement and social security number.

An allotment is when money comes out of your paycheck before your paycheck hits the bank. This is why a LES is required, and the withdrawal will show up on your LES statements.

The 2007 Military ACT restricted service members from getting PayDay Loans of 91 days or fewer, Auto Title Loans of 181 days or Refund Anticipation Loans.

“The ACT is being rewritten because it was so restrictive that lenders have found ways to get around it,” said Merritt.

Predatory lenders have common trends. Signs that say “no credit, no problem,” you must provide your LES, apply to reveal interest rates and the word “military” in the title are things that most lenders have in common, according to the NMCRS.

“One big thing I would recommend, when it comes to finances, is being an educated consumer,” said Louis Bromley, personal financial planner for personal services, Marine Corps Base Quantico. “Ask questions.”

An example that the NMCRS gave of a loan that a predatory lender might give is a $2,575 auto title loan at a 300 percent interest rate. The finance charges would be $5,720. In the end, the borrower would pay $8,295 in a course of 181 days or more. Falling behind on payments could lead to the company taking your car away.

Familiarizing yourself with a financial planner or the NMCRS can be helpful. Visit www.consumerfinance.gov for tips to avoid predatory lenders.

To contacts the base financial planner, call Louis Bromley at 703-784-2650. To contact the NMCRS, call Presha Merritt at 703-784-9754.