Lenders target naive army with usurious payday advances

Lenders target naive army with usurious payday advances

One Purple Heart recipient compensated 400 percent interest

Seven years after Congress banned payday-loan organizations from billing interest that is exorbitant to solution users, lots of the nation’s armed forces bases are in the middle of storefront loan providers who charge high yearly portion prices, sometimes surpassing 400 per cent.

The Military Lending Act desired to safeguard solution users and their own families from predatory loans. Continue reading “Lenders target naive army with usurious payday advances”