Report: Payday lenders find loopholes in military loans

From:  Military Times

By Leo Shane III, Staff Writer

Payday lenders with new loan products are again preying on military families and creating headaches for the armed forces, the Consumer Financial Protection Bureau said in a new report Monday.

The findings come less than a decade after Congress approved sweeping new regulations on the industry in an effort to crack down on unscrupulous lenders who charged high interest for short-term loans and pushed many unsavvy military borrowers to the brink of bankruptcy.

Read Complete Article

Leave a Reply

2 × 2 =