New Rule Limits Predatory Loans

Wood, Sara
December 2007
Soldiers;Dec2007, Vol. 62 Issue 12, p38
The article focuses on the move of the U.S. Defense Department to establish new rules on high-interest emergency loans in 2007. The rules are aimed at protecting military service members who seek high-interest emergency loans. New limits on the annual percentage rate on payday loans, vehicle title loans and tax-refund anticipation loans have been set to 36% for active-duty service members. Accordingly, lenders who would violate these limits will be committing a criminal offense.


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