View Full Version : Georgia: Payday lenders on notice

03-22-04, 10:09 PM
Thursday, March 18, 2004 <br />
Last modified at 3:19 p.m. on Wednesday, March 17, 2004 <br />
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Payday lenders on notice <br />
Georgia passes new bill to crack down on lenders <br />
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By JO1 Jennifer Spinner ...

03-22-04, 10:42 PM
a fool & his money are soon parted

03-23-04, 05:28 AM
Does this mean no more

"10 for 20" just before payday ?? :p

03-23-04, 07:52 AM
Originally posted by mrbsox
Does this mean no more

"10 for 20" just before payday ?? :p mrbsox: that made me laugh! The 10-for-20 racket became a pet peeve of mine when I became one of the senior Sergeants in my Company, and a good swindle to mention here on the Marine Mentor forum.

For the uninitiated, the 10-for-20 was; "Okay, I'll loan you ten bucks, but you will owe me 20 bucks back on pay-day."

Very illegal, and not how Marines treat other Marines (IMO). I had a case where a young Devil Dog literally owed practically his entire paycheck to the resident barracks loan sharks on a payday; seems he had other uses for his money earlier that month rather than prepare his wall locker and uniforms for a CG.

All the loan sharks got their money back (minus the interest) and reprimands for the practice. I was assigned "personal financial advisor" to the young devil dog who got into debt. He would cash his check (this was before the era of direct deposit), inventory the cash, and lock it up in the 1st Sergeant's safe. Any time he needed cash, he would come to me, request a withdrawal, I would approve the intended purchase, we would go to the 1st Sergeant, withdraw the cash, and I would escort the Devil Dog to where ever and observe that the money was spent as intended, and then report back to the 1st Sergeant.

NOT how a Sergeant (at least me) likes to spend his time. I was pleased, to say the least, that my stint as Personal Finance Advisor only lasted three months.

ivalis is right, a fool and his money are soon parted, but it is always the NCO’s and SNCO’s who end up having to deal with the fool that is left.

05-21-04, 06:28 PM
Thursday, May 20, 2004 <br />
Last modified at 3:26 p.m. on Wednesday, May 19, 2004 <br />
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Judge upholds state's payday lending law <br />
Payday lenders not protected by federal law; enforcement of order starts...