Army Declares War on Payday Lenders.On Gen. Screven Method
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 $500 is all about as simple as purchasing a cheeseburger.
Numerous businesses that are strip-mall such names as look into CA$H (вЂњNeed money Today? ItвЂ™s effortless as 1-2-3″), First American money Advance, Gold Check C.S. Payday Advance, and PJ money (вЂњCivilian and WelcomeвЂќ that is military).
Ft. Stewart has declared so-called payday loan providers enemies at its gate, accusing them of preying on U.S. troops with high-interest, short-term loans that plunge them deep into financial obligation.
вЂњItвЂ™s like riding a merry-go-round — when you can get on, it is difficult to log off,вЂќ said Frederick Sledge, a crisis relief officer at Ft. Stewart whoever workplace provides loans that are interest-free soldiers in financial difficulty.
Army bases through the country are becoming magnets for payday lenders, which charge charges since high as $30 every fourteen days per $100 borrowed — which equals a yearly interest of 780%.
Early in the day this thirty days, officials from Ft. Stewart and Kings Bay Naval Submarine Base urged Georgia lawmakers to break straight down on such loans, that are illegal under state legislation but thrive because of lax enforcement.
Lt. Col. Russ Putnam, a Ft. Stewart lawyer, told legislators that stress over settling these loans hurts troop morale and also the combat readiness of the postвЂ™s 3rd Infantry Division, which led the attack on Baghdad. Continue reading “Army Declares War on Payday Lenders.On Gen. Screven Method”