Let me make it clear about Military Declares War on Payday Lenders

Let me make it clear about Military 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, obtaining a loan of $100 to $500 is all about as simple as purchasing a cheeseburger.

Many strip-mall companies bear such names as look into CA$H (“Need money Today? It is effortless as 1-2-3″), First American money Advance, Gold Check C.S. pay day loan, and PJ money (“Civilian and army Welcome”).

Ft. Stewart has announced alleged payday lenders 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 log on to, 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 monetary difficulty.

Army bases through the country have grown to be magnets for payday lenders, which charge fees up to $30 every a couple of weeks per $100 lent — which equals a yearly 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 while the combat readiness of this post’s 3rd Infantry Division, which led the attack on Baghdad.