Clark Howard: Know your rights when it comes to the Military Lending Act

Jacksonville, Fl. — The Military Lending Act is designed to protect military members from being ripped by predatory loans or financial products.

It’s a move that has Consumer Warrior Clark Howard outraged. Clark says the move by the Trump Administration’s Consumer Financial Protection Bureau could hurt military members. Which is why he wants those serving in the military to know their rights when it comes to the Military Lending Act.

"One of them is that any borrowing a military person does, particularly if they need an emergency loan cannot be issued at more than 36%. But over and over again, military personnel are cheated and put in payday loans that are illegal to a member in the military at 100% interest," Clark says.

Clark says if someone is deployed, any loan they have, their interest rate based on a schedule under Service Member Civil Relief Act is supposed to be capped and potentially reduced.

"This is excusable and unacceptable. I want you to know that because no cop is going to be on the beat anymore if you have a young family member or a friend that serves in the military – make sure they know they have rights. Especially a good list of rights if they know they're deployed."

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