Lenders target naive military with usurious payday advances

Lenders target naive military with usurious payday advances One Purple Heart recipient compensated 400 percent interest Seven years after Congress banned payday-loan organizations from billing excessive interest levels to solution users, most of the country’s armed forces bases are surrounded by storefront loan providers whom charge high yearly portion prices, often surpassing 400 %. The Military Lending Act desired to safeguard solution people and their own families from predatory loans. […]