Lenders target naive army with usurious pay day loans

Lenders target naive army with usurious pay day loans

One Purple Heart recipient compensated 400 percent interest

Seven years after Congress banned payday-loan organizations from asking interest that is exorbitant to solution users, a number of the country’s armed forces bases are in the middle of storefront lenders whom charge high yearly portion prices, often surpassing 400 per cent.

The Military Lending Act desired to guard solution members and their own families from predatory loans.

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