Military says pay day loan providers in Georgia damaging to troops which can be young

Military says pay day loan providers in Georgia damaging to troops which can be young

Military says cash advance providers in Georgia damaging to troops which are young

The army warned Wednesday that the illegal cash loan industry in Georgia is preying on young sailors and soldiers, endangering their morale and combat readiness by providing prepared money at high rates which could end installment loans online Texas direct lenders in financial 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 with 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 is own sailors, Petty Officer 2nd Class Jason Withrow, claimed their very really pay that is first loan produced a vicious duration for which he required getting nonetheless more loans to steadfastly keep up due to the bills and compensated $7,000 in interest, with nevertheless more owed, on loans totaling $2,000.

Lt. Col. Russ Putnam, a legal professional for the following Infantry Division at Fort Stewart, reported payday loan are actually a growing problem at that base, too.

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