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Military Payday Loan Laws

In September 2006, the United States Congress passed an amendment to the Defense Authorization Bill that capped the interest rate on all loans to members of the U.S. Armed Forces at 36%. As a result the majority of U.S. based payday loan operators ceased granting payday loans to members of the military. Of course, it's still a simple matter for members of the U.S. Military to get payday loans from a few domestic payday loan operators and certainly from offshore and "sovereign nation" payday loan companies

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