Lenders Beware:

Audio of this article is brought to you by the Air & Space Forces Association, honoring and supporting our Airmen, Guardians, and their families. Find out more at afa.org

The new law capping the interest rate lenders can charge military personnel begins working on Oct. 1. This is the law Congress passed last year after discovery of what some termed “predatory” lending practices that targeted military members and their families. Some members were paying up to 800 percent interest. The new law caps the rate at 36 percent, including all fees and other charges, per a notice issued by the 2nd Bomb Wing Legal Office at Barksdale AFB, La.

Audio of this article is brought to you by the Air & Space Forces Association, honoring and supporting our Airmen, Guardians, and their families. Find out more at afa.org