It’s a financial practice so predatory that experts have likened its perpetrators to “bears on a trout stream” — and we have a chance to end it for good.
High-cost lenders, offering predatory loans often with triple-digit interest rates, set up shop wherever they feel they can lure customers into the debt trap that these loans create. Appallingly, they often specifically target veterans — who don’t currently have the same legal protections against these loans as active duty service members do.
Nothing about this practice is right or fair — and a bipartisan group of federal lawmakers