Report: More payday lending protections needed

A 5-year-old law has succeeded in reducing some abusive lending practices for troops and their families, but the law needs to be broadened and enforcement needs to be strengthened, according to a report from a consumer advocate group.

Some lenders are exploiting loopholes, offering loans at 500-percent-plus interest that are “open-ended,” without a fixed ending date or loans with terms longer that what the DoD defined in the original law. The report encourages the DoD and/or Congress to ammend the law.

Report: More payday lending protections needed – Air Force News | News from Afghanistan & Iraq – Air Force Times.