CHESAPEAKE, Va. – ABNB FCU rolled out a new payday loan program yesterday, just as some payday lenders have stopped offering services to the credit union’s military members because of new interest caps on loans to military personnel. The CU Express Loan will carry an annual fee of $35 and an interest rate of 18%. The credit union’s main sponsor group, Amphibious Base Naval Base, comes under the new law which caps all loans to military personnel at 36%, a fraction of the annual rate on typical payday loans.
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