The question remains, is it worth it today to take out these loans when we consider its cost tomorrow and the days following? The scenario in my text shows an interest rate of 2,916,780 percent on a pay day loan. How is this legal? I understand that there are laws being put in place that cap the interest rate at a certain amount for military personnel. Hopefully, the same is being done for the civilian sector.
Thank you for the opportunity to help you with your question!
that rate is too high and should not be implemented at all.millitary personnel and veterans are very venerable to scammers. the Attorney General’s Office has a key priority to safeguard all consumers, including veterans and military personnel, from scammers and those that practice.
many reasons are there as to why service members, veterans, and their families can make attractive targets. Military pay and veteran benefits are a steady source of income. Scammer are aware service personnels stand at a better chance in debt repayment, which may make them hesitant to challenge the debt, question shady business practices, or seek assistance. Many service members move frequently and so don’t always know which businesses to avoid in a new community.
Please let me know if you need any clarification. I'm always happy to answer your questions.