payday lending

The enemy at home: Payday lenders and the military

Swimming in shark-infested waters:

Among other protections, the act bans members of the military from being charged more than 36 percent in annual interest on certain consumer loans. Payday, auto title and tax refund-anticipation loans are among those covered by the cap.

But attorneys general and regulators say lenders have used loopholes in the act to prey on members of the military. Richard Cordray, director of the Consumer Financial Protection Bureau, a federal regulator, in September said some lenders lurk just outside of military bases to offer loans that fall just beyond the act's limits.

One more issue that sets Democrats apart from Republicans, especially here in NC. Republicans don't think it's their responsibility to "intervene" in a "business arrangement" between two willing entities, even if that arrangement is fraudulent and even if the victim has already put his/her life on the line for the country, day after bloody day, for years. There are a lot of disgusting things associated with the NC GOP's mismanagement of our state, but this one is easily in the top five.

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