Senator Tim Johnson
“If we are to eliminate payday lending altogether, then who fills in that niche?”
Senator Tim Johnson believes that the payday loan industry fills a legitimate need for quick cash and is concerned that eliminating this option for military members could drive troops into the hands of loan sharks…
According to an article in Stars and Stripes, members of a Senate Banking, Housing and Urban Affairs committee were in favor of capping military payday loan interest rates at 36% APR even though an industry representative testified that payday loan companies would no longer be able to give loans to military members at such a low rate.
Senator Johnson was the lone exception on the committee and expressed concern:
“Because the need remains. It would go to pawn shops, loan sharks… Don’t jump from frying pan into the fire.”
Source: Senators Consider Payday Loan Limits, Criticize Industry by Leo Shane III (Stars and Stripes)
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