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    Hello, I own a number of payday loan shops near military bases. The government has capped interest rates to soldiers at 36% APR. I am concerned I'm violating the law by issuing standard payday loans to people in uniform. Is there anything more I should be doing to make sure I comply with the new regulations?
    • CommentAuthorThe PLA
    • CommentTimeOct 24th 2007
     
    If you are not asking the people in uniform whether they are members of the armed service and they are not explicitly stating their affiliation with the armed forces, your current lending practices should not be affected. Many civilians wear military fatigues and are not active members of the armed services. Read more about the military loan crisis.
    • CommentAuthorguest
    • CommentTimeNov 14th 2007
     
    Jason,

    I have a colleague in the industry who uses this helpful trick:

    When anyone with a military uniform or haircut enters his offices, he quickly greets them with a hearty, "Hey, Soldier!!" This off-puts them from SAYING they are active military members, and spares my buddy from this Gestapo-tactic interest rate cap.

    After all, using 'soldier' in place of 'buddy, chum, pal, etc.' is a perfectly legal personality quirk. :)

    Good luck with your business!
    • CommentAuthorguest
    • CommentTimeDec 6th 2007
     
    Help!
    I am a PDL who recently heard a very scary story. A soldier who was a very reliable repeat customer decided to feed his wife and two kids with a box of MREs (Meal- Ready To Eat, standard military field rations) instead of going to a friend in the business and getting "help" for grocery money. What can I do to make sure this doesn't spread?

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