Senators turn to Pentagon to safeguard Servicemembers by Plugging Payday Loan Loophole

Senators turn to Pentagon to safeguard Servicemembers by Plugging Payday Loan Loophole

WASHINGTON, DC – in order to protect soldiers and their own families from abusive economic methods, a small grouping of 23 U.S. Senators, led by Jack Reed (D-RI), Dick Durbin Castroville payday loan centers (D-IL), and Mark Udall (D-CO), is urging Department of Defense (DOD) Secretary Chuck Hagel to shut a loophole which allows loan providers to restructure their conventional loans to prevent a DOD guideline restricting the actual quantity of interest on credit rating services and products offered to servicemembers. Continue reading “Senators turn to Pentagon to safeguard Servicemembers by Plugging Payday Loan Loophole”