There are many businesses supplying payday loan in California than you can find McDonalds fast-food chains. A lot of them come in low income areas and several are clustered around armed forces bases. This present year a brand new federal legislation goes into impact to avoid these store front side loan providers from recharging people in the military over 400-percent interest per year. And Ca lawmakers will attempt to pass through a bill to place teeth into that legislation. KPBS Reporter Alison St John has more.
It’s after dark whenever 20 yr old Lance Corporal Andrew Lauk visits the lit that is brightly loan storefront on Oceanside’s primary road, a few kilometers through the front gate of Camp Pendleton. Their youthful face is relaxed but his eyes are anxious. Tucking $100 into their wallet he explains why he needs the money as he heads back to his car.
Lauk: Because I’m headed house to Colorado the next day and I also need only a little cash that is extra
St. John: will there be other people you can get that cash temporary? Continue reading “Brand New Law Caps Pay loan Interest Rates Charged to Military Personnel day”