Payday Lending: Federal Law Enforcement Uses a MultiLayered Approach to Identify Employees in Financial Distress

Download or read book Payday Lending: Federal Law Enforcement Uses a MultiLayered Approach to Identify Employees in Financial Distress written by Alicia Puente Cackley and published by DIANE Publishing. This book was released on 2011-04 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the U.S., payday lending (PL) is a $40 billion a year industry. A PL is a small-dollar loan -- from $100 to $500 and re-payable in about two weeks. Consumers can pay fees of $15-20 for every $100 borrowed. In 2006 the DoD reported on predatory lending, incl. PL, and found that these loans impacted military readiness and troop morale. Concerns were raised about PL to federal employees in law enforcement and national security positions at four components. This report examined: (1) how these federal law enforcement agencies become aware of employees who are potential security risks due to financial problems, including PL; and (2) various alternatives to PL. Charts and tables. This is a print on demand edition of an important, hard-to-find report.