'Payday Loans' Cost Troops Dearly
As many as one in five military service members are making use of loan centers that charge 400 percent or more in interest on short-term loans, USA Today reports. "Payday loan" centers have sprung up near military bases in recent years, and some service members who have used them have fallen deeply into debt. When that happens, they can lose their security clearances, meaning they can't deploy to war zones. The Senate has already voted to limit the amount of interest lenders can charge members of the armed forces.
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