The one-mile strip of fast-food joints and pawn shops leading to the front gate of Ft on Gen. Screven Way. Stewart, obtaining an advance loan of $100 to $500 is all about as simple as purchasing a cheeseburger.
Many businesses that are strip-mall such names as look at CA$H (вЂњNeed money Today? It is effortless as 1-2-3″), First American money Advance, Gold Check C.S. wage advance, and PJ Cash (вЂњCivilian and WelcomeвЂќ that is military).
Ft. Stewart has announced alleged lenders that are payday at its gate, accusing them of preying on U.S. troops with high-interest, short-term loans that plunge them deep into financial obligation.
вЂњIt’s like riding a merry-go-round — when you can get on, it is difficult to log off,вЂќ said Frederick Sledge, an urgent situation relief officer at Ft. Stewart whoever office offers interest-free loans to soldiers in economic difficulty.
Military bases through the country are becoming magnets for payday loan providers, which charge charges because high as $30 every a couple of weeks per $100 borrowed — which equals a yearly rate of interest of 780%.
Earlier in the day 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.