Payday Loan Industry Watch Home News: Archive News: Recent News: RSS Newsfeeds News: Archive News: By State News: By Big 7 Podcasts Reviews Tips Links
About Us
Contact Us
Donate/Sponsor
Site Help
Find a Lender
Header

President caps payday loan rates to military personnel at 36 percent

October 18, 2006 - Washington, D.C.

President Bush signed the 2007 National Defense Authorization Act Tuesday. The Act includes an interest rate cap of 36% for payday loans made to military personnel.

The rate cap was authored by Senators Jim Talent (R-MO) and Bill Nelson (D-FL). In addition to the 36% cap on annual interest rates, the amendment prohibits use of a personal check or other method to access the borrower's bank account, or the title to their vehicle as collateral for a small loan. Congress approved the Talent Nelson amendment in September.

In preparation for the new law, Advance America, the country's largest cash advance provider, began denying access to payday loans by military personnel last month.

The Act, officially called the John Warner National Defense Authorization Act for Fiscal Year 2007, was signed during a small ceremony in the Oval Office. Warner is Virginia's senior senator and the chairman of the Senate Armed Services Committee. The Act provides more than $530 billion to maintain the military and to win the war on terror.

News Source

RTO Online, Staff Writer

Recent Related Stories - Military

Related Stories - Washington D.C.

Return

See: Recent News | Archived News | RSS Newsfeeds | News by State
Go to PLIWatch.org home.

E-mail This Page Open a new window and send this page to a friend.
Share this page by E-mail.
Podcasts Podcasts page.
Interview with David Farias - Founder, FYGO.com
Payday loan opponents caution people against taking payday loans. We interviewed David to better understand the practice and viability of an emerging source for loans: The Internet social lending network.

Interview with Pete Kowenhoven - Special Agent, FBI
Interview with Dr. Tom Lehman - Author of 'In Defense of Payday Lending'
Interview with Bill McCloskey - Email Data Source President and CEO
Reviews Reviews page.
July 21 - WeGiveCash claimed we could get $1,500. But, after entering qualifying customer information, we were declined and then forwarded to another Web site to re-apply.
Find a Lender Find a Lender page.
Claims to lend
To residents of
With fees per $100 loaned
On the Web since
reviewed by PLIWatch
small payday loan industry watch logo
Recent RSS Newsfeeds Archive Shown by State Shown by 'Big 7'
Home News & RSS Podcasts Reviews Tips Links Find a Lender About Us Contact Us Donate / Sponsor Site Help
Terms of Use Privacy Policy Site Map copyright © 2005-2022 pliwatch.org all rights reserved Updated: Nov 22, 2022 07:58 EST