A Ban On High-Cost Loans Can Be Coming

A Ban On High-Cost Loans Can Be Coming

The Military Lending Act caps yearly interest on loans to army users at 36% and will be offering other safeguards. Now, lawmakers are proposing to increase that security to veterans among others. Sid Hastings/AP hide caption

The Military Lending Act caps yearly interest on loans to armed forces users at 36% while offering other safeguards. Now, lawmakers are proposing to give that protection to veterans as well as others.

A years that are few, money ended up being extremely tight for Chasity Wohlford. The Houston resident, who was simply working a low-wage task, needed seriously to fly to Colorado for a household crisis. She claims a buddy shared with her, “Oh, simply visit this payday lender. It is quite simple.” But Wohlford finished up over her mind in financial obligation after taking out fully that loan. Continue reading “A Ban On High-Cost Loans Can Be Coming”