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Why a 36% Cap is simply too Low for Small-Dollar Loans

  • date
  • May 19, 2021

Why a 36% Cap is simply too Low for Small-Dollar Loans The national government recently announced regulations that are new increase the Military Lending Act of 2006. The MLA caps payday advances to army personnel at a 36% annual percentage rate. How come we trust our volunteers within the military in order to make life or death choices, but ban them from building a economic choice to spend the normal $60 price of a two-week, $300 cash advance? The demand for short-term credit will still exist with or without payday lenders. Furthermore, unlawful loan providers will gleefully provide $300...

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