Writers Minces No Words: Military Payday Loans Must Go
A recent opinion piece in The Orlando Sentinel certainly didn't hide from how it felt about the issue of payday cash loans to the armed forces. Here it is, paraphrased:
It's unconscionable that Americans who volunteer to put their lives on the line for their country in the military have been targeted by rapacious cash loan lenders charging annual interest rates of 400 percent or more.
Congress needs to outlaw this predatory practice.
In June, the Senate unanimously approved a measure co-sponsored by Florida Democrat Bill Nelson and Missouri Republican Jim Talent to cap annual interest rates at 36 percent for payday loans to service members. The measure needs House approval to become law.
Ideally, that would come this week as Congress considers a military-spending plan.
All Americans deserve protection from cash advance loan sharks. Protecting men and women in uniform is a great place to start.