Republicans and Democrats in Congress reserve partisanship to look at a legislation that protects active-duty service users and their loved ones from predatory loans. Lawmakers passed the Military Lending Act after learning that payday loan providers making triple-digit interest loans had been trapping solution users by clustering across the gates of our nationвЂ™s army installments. Even though the legislation will not solve every customer challenge service that is facing, it addresses a number of the really worst abuses by imposing a normal 36 % rate of interest limit on loans to active-duty solution people and their own families.
The Department of Defense consented with Congress and it has done its part by issuing laws in 2007 to make usage of regulations. Then, DoD strengthened and expanded those laws in 2015 to shut loopholes employed by unscrupulous lenders to circumvent congressional intent. We served as lawyers at work DoD tasked with applying the Military Lending Act, and invested several years fighting to protect and enhance these critical defenses for the families that are military. Continue Reading