Service members still fall prey to payday loans

Service members remain vulnerable to predatory payday loans, even seven years after Congress passed a law tackling the issue, The New York Times reports

High-interest lenders targeting members of the military have found ways around the law, which, for instance, does not cover loans that last for more than three months or are in excess of $2,000.

"The law did wonders for the products that it covered, but there are simply many products that it doesn't cover," Holly Petraeus of the Consumer Financial Protection Bureau told The Times.