Pay Day Loans for Military Families

Pay Day Loans for Military Families

Rather than have some of those challenges subside as the economy improved, more military families are worried about meeting. and make it a priority to pay those off first. Payday loans, also called.

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Payday Loans are for immediate cash at very high interest rates.That’s why the Department of Defense has recently mandated that military members CANNOT take out payday loans, so payday loan companies CANNOT attack the financial security of military personnel (and their families). Hooray (and hoo-rah!) for that!

The MLA law caps annual interest rates which payday lenders, auto title loan and tax refund anticipation firms and similar outfits can charge military families at 36 percent.

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Passed by Congress in 2006, the Military Lending Act addressed the. and their families at 36% and prohibits the extension of payday loans,

Yet the annual survey by Blue Star Families indicates that worries. its fair market value and the amount owed on the loan or lease. In an effort to protect military personnel from predatory payday.

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MoneyTrack, a public television series about investing, has partnered with MSN Money to presented an interesting group of videos about financial issues and the military. The first segment talks about.

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