In 2006, Congress capped rates of interest on pay day loans to active responsibility people of this military

In 2006, Congress capped rates of interest on pay day loans to active responsibility people of this military

Evading Federal defenses for the Military; Harming our Troops. In 2006, Congress capped rates of interest on payday advances to active responsibility people regarding the army and their loved ones at 36per cent APR. This legislation expanded away from concern through the Department of Defense and base commanders that troops had been being caught in high degrees of pay day loan financial obligation. This financial obligation not just strained army families, in addition it threatened safety clearances and also by extension readiness that is military. Banking institutions’ tries to build their pay day loans to evade the federal legislation when once more places our troops at an increased risk. Continue reading In 2006, Congress capped rates of interest on pay day loans to active responsibility people of this military