Without a doubt about army 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, finding a loan of $100 to $500 is all about as simple as buying a cheeseburger.

Many strip-mall businesses bear such names as look into CA$H (“Need money Today? It's effortless as 1-2-3"), First American money Advance, Gold Check C.S. wage advance, and PJ money (“Civilian and army Welcome”).

Ft. Stewart has announced alleged 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.

“It's like riding a merry-go-round — when you can get on, it is difficult to get off,” said Frederick Sledge, a crisis relief officer at Ft. Stewart whoever workplace offers loans that are interest-free soldiers in economic trouble.

Military bases through the entire country are becoming magnets for payday loan providers, which charge costs up to $30 every fourteen days per $100 lent — which equals a yearly rate of interest of 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 down these loans hurts troop morale plus the combat readiness associated with post's third Infantry Division, which led the attack on Baghdad. In acute cases, soldiers saddled with financial obligation should be discharged.

“When we lose the individuals due to payday check cashing, they are just like dead to us. They've been gone,” Putnam told lawmakers.

The city Financial Services Assn., which represents about 15,000 cash advance shops nationwide, denies that its members are benefiting from soldiers. In March, the relationship urged its loan providers to suspend the assortment of loan re re payments from troops provided for the pugilative war in Iraq. להמשיך לקרוא

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