Found simply outside Gate Two at Kadena Air Base, Okinawa, Quikcash provides servicemembers pay day loans at exactly just exactly what numerous financial professionals think about excessive rates of interest.
ERIK SLAVIN / S&S
High rates of interest could cause financial obligation to balloon out of hand quickly
By ERIK SLAVIN AND LEO SHANE III | STARS AND STRIPES Published: April 11, 2005
The appeal of a fast $500 in money without much hassle is too seductive for a few servicemembers to disregard, also them perpetually in debt if it could put.
Customers at Quikcash, positioned in the Korinza Mall near Kadena Air BaseвЂ™s Gate Two, can borrow on their next paycheck by spending $20 for every single $100 lent, plus a $5 deal cost and a $5 membership charge.
Which means a $500 loan expenses a servicemember, at minimum, $610 in the payday that is next.
вЂњIt differs just just how numerous servicemembers utilize our solutions, but an average of we now have a lot more than 20 each month,вЂќ said Quikcash supervisor Mika Uehara. Read more