Military financial PDL help

Are you active duty?

Yes I am active duty

They can only charge 36% APR. If you are paying more, the lender is breaking federal law.

It is well over 36%. I should have known better to get it started in the first place but I'm stuck now and really broke. What can I do from here?

I would first close your account and then notify the PDL that you are indeed active. It is their responsibility to immediatly cease interest and work with you on arrangements. The reality is that they loaned to you at a rate that is a direct violation of federal regulations and a hefty fine should be in order. They must prove that they worked in good faith and that you were not honest about your status to avoid the penalty.

Do you have a link or something that I can read the 36 percent. I googled it with no luck. I just need something to refer to. They know I am military and always knew. They ask for my military pay stubs. Their name is military financial and hey also go by international cash advance.
Thank you for your help

It was in the Defense Bill that GW Bush signed in 2005 or 2006, I believe. It states that no lender may charge active duty military, thier family or a dependant more than 36% APR on any type of loan or line of credit. I do not have a link.

The problem is that they are probably online and in no way connected to the military. They will not contact your CO and the only way to stop them is to change accounts.

Yeah I called and was told it's a revolving line of credit and not a loan so it doesn't apply.
Thank you I will continue researching this.

That is incorrect. They may be exempt from PDL laws/regulations, but the DD Bill pertained to the interest rate for all types of credit.

They may be right about the rates not applying due to it not being a PDL loan but not the LOC.

At PDL owner,

True, that is why the link is posted it covers all aspects of military lending thanks!

Thanks everyone. It helps a lot