Loan business shut down - WALB.com, Albany News, Weather, Sports

Loan business shut down

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November 4, 2004

Albany -- An East Albany fast loan and check cashing business is shut down for making illegal payday loans.

 B.W.'s Kool Kash on Mock Road near Five Points was raided Thursday morning.

 Investigators say Kool Kash was charging customers up to 300 percent interest on loans. Dougherty District Attorney Ken Hodges said "We need to shut these places down. This is the first one that we are going after. We have some complaints on some others here in town. And if they don't shut their doors and quit doing business here in Dougherty County, we are going to come after them too."

Bill Wallace of Valdosta owns Kool Kash.

This was a civil complaint, and no criminal charges have been filed. 90-thousand dollars in a bank account for the business was seized by the D.A.

Victims of Kool Kash won't have to pay back money they borrowed.

posted at 4:36 PM by jimw@walb.com

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