Many people are not aware of the new payday loan laws instituted by the federal government. Recently, Congress passed a law regulating the pay day loan industry in regards to military personnel and their families. Basically, because people in the military often do not make as much money as other careers, and because these people are doing a service for our country, the government felt that they should not be forced to pay such outrageous interest rates. 

Due to this fact, military personnel and their families can now receive faxless payday loans at only thirty six percent interest rates. Unlike other regulations about interest rates and loans, companies are not allowed to add to the fees with finance charges. The only amount that the company is allowed to get is the thirty six percent annual percentage rate on the loans. Basically, this means that anyone in the military can get a no fax payday loans at such little cost to them that there is really no reason not to take advantage of the system. It has been speculated that this law may be passed on a federal level for all borrowers, but that law has not yet been passed.