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Lenders target naive army with usurious loans that are payday

One Purple Heart recipient compensated 400 percent interest

Seven years after Congress banned payday-loan organizations from recharging interest that is exorbitant to solution users, most of the country's army bases are surrounded by storefront loan providers who charge high yearly portion prices, often surpassing 400 per cent.

Lenders target naive army with usurious loans that are payday

The Military Lending Act desired to safeguard solution users and their own families from predatory loans.