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Payday Lending to Military Sharply Curtailed

12:00AM
November
8, 2007

Payday lenders, those businesses that lend money at an annual percentage rate of nearly 400 percent, lost a valuable group of clients last month. On October 1st, Congress capped the interest rate for military personnel at 36 percent. That caused these store-front lenders to stop lending to people in the armed forces.