Debt-hit soldiers are targeted by 3,300% payday loan firm... in MOD's own magazine
Loans company sold advertising space in Ministry of Defence magazine
Rising concern about the number of soldiers getting into debt
New recruits earn less than £14,000 a year and private are paid £18,000
The Ministry of Defence was condemned last night for cashing in on the debts of its poorest soldiers by selling advertising space in its staff magazine to a payday loans company.
For an undisclosed fee, Forces Loans, which charges an APR of more than 3,300 per cent, is promoting its loans in Defence Focus – a magazine published by the MoD and read by British troops worldwide.
The revelation comes as Army commanding officers are expressing concern about the numbers of soldiers getting into debt, and when thousands of troops are expecting to be made redundant in the latest round of job cuts.