Missouri Senator Urges End to Military Payday Loan Lending
By J.J. CameronPayday Loan Writer
As concerns over military payday loans spread across the ocean, the issue remains heated at home, as well.
In Missouri, for instance, Senator Jim Talent is urging instant payday loan companies to stop taking advantage of military personnel and their families. Talent was recently in St. Robert, not far from Fort Leonard Wood, to outline a plan to stop outrageous interest rates for cashing personal checks before payday.
He says some payday loan companies charge up to 800 percent annual interest on loans, while targeting young military personnel in need of quick cash. The republican's solution?
Talent has proposed legislation that would put a 36 percent interest cap on fast payday loans to those in the military and their wives. The proposed law wouldn't help civilians, but would be a welcome step for critics that blame cash advance lenders for forcing those serving our country into debt.
