Military says pay day loan providers in Georgia damaging to troops which are young
The army warned Wednesday that the illegal advance loan industry in Georgia is preying on young sailors and soldiers, endangering their morale and combat readiness by giving prepared cash at high costs that will lead to economic tragedy.
At a hearing that is legislative the situation, Capt. John Cohoon, commanding officer concerning the Kings Bay submarine base, stated pay day loan providers line the road for their base given that they think of young sailors and Marines ripe goals for the short-term loans which pack an interest-rate wallop.
One of his sailors, Petty Officer 2nd Class Jason Withrow, claimed their very really very first pay check loan produced a vicious period for which he required getting nonetheless more loans to steadfastly keep up due to the bills and paid $7,000 in interest, with however more owed, on loans totaling $2,000.