Army Staff Sgt. Jason Cox says he borrowed $3,000 for an emergency trip to pick up his daughter. The loan ended up costing him more than $4,000 in interest, plus a sport utility vehicle the lender seized when he defaulted.Now the Fort Benning soldier is suing the lender in federal court, contending the interest rate and other terms violated a 2007 law passed by Congress to protect military service members from predatory lending.
November 28, 2011 at 12:00 AM
1 minute read
Army Staff Sgt. Jason Cox says he borrowed $3,000 for an emergency trip to pick up his daughter. The loan ended up costing him more than $4,000 in interest, plus a sport utility vehicle the lender seized when he defaulted.
Now the Fort Benning soldier is suing the lender in federal court, contending the interest rate and other terms violated a 2007 law passed by Congress to protect military service members from predatory lending.
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