Payday loans not for military

U.S. military personnel based in Utah no longer can turn to the state's payday lenders for the short-term loans they may need to help make ends meet.
    And that has many members of the military in Utah upset, according to the managers of some payday loans stores that count servicemen and women among their customers.
    "We've had a lot of people upset. It has been hard the last few days telling them that we're no longer able to make loans to people in the military," said Wendy Gibson, the store manager at Check City in Ogden, which serves personnel from nearby Hill Air Force Base. "And what is sad is they seem hesitant to speak out for fear of offending their superiors in the chain of command."
    At the urging of the Pentagon, Congress last fall passed a law that caps interest rates on consumer loans for military personnel at 36 percent. Military commanders argued that payday loans that went unpaid often resulted in borrowers ponying up annual interest rates of 400 percent to 500 percent.
    The law went into effect Monday. It also regulates the interest rates on car title and tax-refund anticipation loans.
    Responding to the new federal interest rate cap, Utah's payday lenders contend they can no longer afford to extend credit to servicemen and servicewomen.

Source : http://www.sltrib.com/personalfinance/ci_7067427

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