Without a doubt about armed forces Declares War on Payday Lenders
The one-mile strip of fast-food joints and pawn shops leading to the front gate of Ft on Gen. Screven Way. Stewart, getting a loan of $100 to $500 is all about as simple as purchasing a cheeseburger.
Many businesses that are strip-mall such names as look into CA$H (вЂњNeed money Today? It is effortless as 1-2-3"), First American money Advance, Gold Check C.S. pay day loan, and PJ Cash (вЂњCivilian and WelcomeвЂќ that is military).
Ft. Stewart has announced alleged lenders that are payday at its gate, accusing them of preying on U.S. troops with high-interest, short-term loans that plunge them deep into financial obligation.
вЂњIt's like riding a merry-go-round -- as soon as you log on to, it is difficult to log off,вЂќ said Frederick Sledge, a crisis relief officer at Ft. Stewart whose workplace offers loans that are interest-free soldiers in economic difficulty.
Military bases through the entire country have grown to be magnets for payday loan providers, which charge charges up to $30 every a couple of weeks per $100 lent -- which equals an interest that is annual of http://paydayloansgeorgia.org 780%.
Previously this officials from Ft. Stewart and Kings Bay Naval Submarine Base urged Georgia lawmakers to crack down on such loans, which are illegal under state law but thrive because of lax enforcement month.
Lt. Col. Russ Putnam, a Ft. Stewart attorney, told legislators that anxiety over paying off these loans hurts troop morale together with combat readiness associated with the post's third Infantry Division, which led the attack on Baghdad. In acute cases, soldiers saddled with financial obligation needs to be released.