Military says pay day loan providers 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 rates which could bring about financial tragedy.

At a hearing that is legislative the problem, Capt. John Cohoon, commanding officer concerning the Kings Bay submarine base, stated pay day loan providers line the road for their base simply because 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 very first pay check loan produced a vicious period by which he required getting nonetheless more loans to steadfastly keep up due to the bills and paid $7,000 in interest, with nonetheless 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 an increasing problem at that base, too.

This is a readiness issue for individuals, he said. Read more