Date: Jul 20, 2011 9:16 AM
Author: Valerie Klein
Subject: Re: Financial Education

Payday loans are problematic for most people who use them and certainly for people in the military with mobile lifestyles and a frequent need for credit. I found a summary of the bill you mentioned here: http://www.financial-education-icfe.org/financial_news_press_releases/2005/20050227_Servicemembers_Anti-Predatory_Lending_Protection_Act_Introduced_in_Congress.asp.

The Center for Responsible Lending has some good material that covers Policy & Legislation and Research regarding payday loans, it's a great resources for understanding how the loans work, how the structure of traditional payday loans tends to create a cycle of high-cost borrowing for people who take out payday loans and explores some alternative structures for short-term small loans. See: http://www.responsiblelending.org/payday-lending/