Military says loan that is payday in Georgia damaging to troops which can be 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 money at high costs which will bring about financial tragedy.
At a legislative hearing on the problem, 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 objectives for the short-term loans which pack an interest-rate wallop.
One of his sailors, Petty Officer 2nd Class Jason Withrow, claimed their extremely really first pay check loan produced a vicious duration for which he required getting however more loans to keep due to the bills and paid $7,000 in interest, with nonetheless more owed, on loans totaling $2,000. (more…)