This is great news. Like you both I am constantly counseling my troops on how this is a bad idea. I once had a troop owe $4500.00 to a few of these places. They a legalized loan sharks. In fact it’s gotten so bad we’re pulling clearances due to money problems. But on the other hand my troops need to learn the value of saving up for a big purchase. It’s hard to teach that.
I believe that congress passed a law within the last year of so that effectively outlawed Payday Loan companies from dealing with active duty military. They capped the maximum interest rate at 36% APR, which is a rate that will put payday loan companies out of business. If your troops are still using payday loan companies, they're committing fraud, by misrepresenting their employer. Or if the company is aware, they need to be shut down.
Mark