21.39: Payday Loans
Cap Outlandish Interest Rates on Payday Loans and Improve Disclosure Other Information:
In the wake of reports that some service members were paying 800 percent interest on payday loans, the U.S. Congress took
bipartisan action to limit interest rates charged to service members to 36 percent. Barack Obama and Joe Biden believe that
we must extend this protection to all Americans, because predatory lending continues to be a major problem for low and middle
income families alike.
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