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Why did Congress impose strict limitations on service members’ access to military payday loans and military cash advances?

April 26, 2017cash advances Congress limitations Military payday loans service strict

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Why did Congress impose strict limitations on service members’ access to military payday loans and military cash advances?

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Because these types of transactions often charged more than 300% APR! In addition, the fact that you can roll them over if you are unable to pay for them can lead to a devastating cycle of debt. A “simple” $500 military payday loan could wind up costing a service member thousands of dollars in fees.