You, too, can sabotage a soldier in the fair state of California!
Does collecting on 400% interest rates turn your crank?
What about you anti-military types? Does undermining military readiness, degrading the morale of US service members and their families, and increasing the cost of fielding an all-volunteer military sound like enough subversion for you?!
A state bill in California called for a 36% cap on interest that lenders could charge their customers, the same rate - by the way - that many states set in their usury laws to ban loan sharks, but the banking committee recalled the bill. Given the opportunity to actually protect the people, the banking committee saw fit to strip the 36% cap from the bill.
Payday Loan lobbyists are overjoyed. This kind of "leadership" from state legislators means their constituents, Payday Loan companies, can continue to collect an average... an average of $660 on a $255 loan.
You don't suppose for even a second, do you, that people who are taking a $255 loan have $660 in reserve?
California's legislators apparently have NO inclination to prevent the Payday Loan industry from targeting their number one victim - the young and financially inexperienced soldiers showing up at military bases across the nation.
Perhaps US Senators Jim Talent (R-Missouri) and Bill Nelson (D-Florida) can get their 36% cap (still too high!) to stick in a Defense Bill waiting to go before a House-Senate conference committee.
Until then, do your part and do not support your store front loan shark (payday lender)... especially in California.
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