3 percent cap on troops' interest rates? Senator proposes broad protections

If this passes it will be great news for service members. It contains the language "any loan". I'm hoping means it applies to payday loans as well.

The legislation proposed Thursday would require all loans to service members be capped at a 3 percent interest rate, regardless of when the debt is incurred. For service members who are eligible for hostile fire pay or imminent danger pay, the interest rate would be zero.

If this legislation becomes law, it could mean that service members could not be charged more than 3 percent for any loan, including mortgages and credit cards.