How the Payday Industry Sabotaged the Nation's Military in California
SACRAMENTO, Calif. -- Predatory payday lenders will continue to gouge soldiers, sailors and aviators in California with more than 400 percent interest on loans thanks to the payday-lending industry's intense lobbying of state legislators. High-ranking Navy and Marine officers, consumer groups and their allies in the legislature tried to ban this sort of predatory lending, but it looks like they will fall short as the legislative session ends this week. "We may have missed a chance to keep our service people out of the clutches of predators," said Paul Leonard, director of the California office