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Vicious "Same Day Payday Loans" for US Troops?
Q. Vicious "Same Day Payday Loans" for US Troops?
A. - But spokesmen for the industry argue that stores with names such as Planet Cash offer a service "bridging the gaps between paydays" that banks, credit unions and the military can't or won't provide - same-day loans to troops who are credit risks. At a typical payday store, a borrower would show a pay stub and proof of a bank account to borrow $100 for a charge of $120. The borrower writes a check for $120 and postdates the check to his next payday. After two weeks, if the borrower can't pay, the loan is rolled over for another $20, and Pentagon officials said most troops go through four or five rollovers. Army Chief Warrant Officer Thomas Burden, who is now serving in Iraq, told Congress he paid back $1,400 on an original loan of $300. "It just kind of keeps snowballing if you don't have the money to cover it,"
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