PAYDAY LENDERS PREY ON MILITARY
December 19, 2003
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Military bases across the nation have become magnets for payday lenders, which charge fees as high as $30 every two weeks per $100 borrowed — equal to a 720 percent annual interest rate.
Lt. Col. Russ Putnam, a Fort Stewart lawyer, told legislators that stress over paying off payday loans hurts troop morale and the combat readiness of the post’s 3rd Infantry Division, which led the assault on Baghdad. In extreme cases, soldiers saddled with debt must be discharged.
SOURCE: CBSNews.com
