A proposed cap on payday loan percentages charged to members of the military is nearing final approval. The bill aims to limit the vigorish to 36%, down from the usual 350%. Great, how about the rest of us?
Payday loan centers high-interest short term loans as an “advance” on your workpay. For the financially naive, these can prove difficult to escape.
The bill is part of a broader package on military spending and, if passed in the House and Senate, proves cause for a thumbs up.
That’s assuming that the powerful loan shark industry is experiencing a shortage of bats in the DC area.
“Bill Capping Payday Loans Nears Final Approval” [Emerald Coast] (Thanks to something_amazing!)