Payday Lenders Target the Military
The Center for Responsible Lending has released an analysis of payday lending industry data, which estimates that:
- Active-duty military personnel are 3 times more likely than civilians to have taken out a payday loan
- One in five active-duty military personnel were payday borrowers last year.
- Predatory payday lending costs military families over $80 million in abusive fees every year.
The predatory lending problem is common knowledge for military members, their commanders, and anyone who has seen the payday cash advance centers popping up around bases.
Published: September 30, 2005