Even the Navy wants to see more limitations for these types of loans. Apparently a high number of their sailors are finding themselves knee deep in debt with these places. Washington state has a cap of 391% APR for these loans. (They are short term loans at high interest that, when calculated out to an APR, really seem excessive). There are 36 payday lenders within 3 miles of the military bases in Tacoma. Potentially twenty percent of active duty personnel used a payday loan last year. (Although some believe the number may be down around 7 percent, which is still significant)
Here’s a link to the article:
http://www.komotv.com/stories/41656.htm