A federal law is supposed to protect service members from predatory lending. But lenders exploit loopholes, trapping military personnel in high-interest debt.
World Finance, a billion-dollar company, peddles installment loans, a product that often drives borrowers into a similar quagmire of debt.
Payday lenders circumvented state laws by moving online, and in the process big banks became enablers (and potentially profited) from payday lending. Now Chase is making changes to protect its customers from payday lenders. Will other banks follow?