From the Associated Press:
WASHINGTON (AP) - Interest rates on payday loans to military service members would be limited under an agreement reached Friday by House and Senate Republicans.
The measure imposing a 36 percent cap on the annual interest rate for payday loans to service members or their spouses will be included in the defense authorization bill. The House passed the authorization bill Friday, but it stalled in the Senate.
"We need to enact these new protections for our troops and their families because a growing predatory lending problem has impacted our operational readiness," said Sen. Jim Talent, R-Mo., who pushed the measure in the Senate.
Talent and other lawmakers contend payday lenders target military personnel, offering quick cash advances at outrageously high interest rates that trap unsavvy borrowers in a cycle of debt.