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The Pentagon Federal Credit Union Foundation, part of $16.8 billion PenFed in Alexandria, Va., talked up its Asset Recovery Kit program as the Department of Defense considers tightening rules that apply to military lending.

“We’ve heard a lot recently about service members taking out payday loans with as much as a 19% interest rate or even higher,” said Jane Whitfield, PenFed Foundation president/CEO. “High-interest loans don’t solve a military family’s financial problems, they just make them worse, so we came up with a better option.”

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