Victim gets pay day business shut down - WALB.com, South Georgia News, Weather, Sports

Victim gets pay day business shut down

November 5, 2004

Albany -- Now that an Albany payday loan office has been shut down, victims are relieved they don't have to pay back astronomical amounts of interest.

Kool Kash was sued and closed by prosecutors for charging more than 300 percent interest on some loans. Loans given to people like John and Helen Bardge.

John Bardge is blind and relied on the Kool Kash manager to read him the contract when he borrowed 500 dollars. The manager didn't mention the 365 percent interest rate. John Bardge said "Didn't have no idea it was going to be like this."

 Bardge's says it was impossible to pay off the loan. Bardge said "She said you are going to have pay another monthly fee. Man, that ticked me off, because I thought that I had everything up to date in interest."

Helen Bardge did business with Kool Kash for two years. Helen Bardge said "Sometime I ran in a tight, and I need a little change, and I trusted her."

But Helen's friend was charging her 276 and a half percent interest. Helen Bardge said "To borrow 250 dollars, you would pay back 312, plus you pay 60 dollar interest, if you didn't want to pay the loan out that particular month."

John Bardge got mad, and called the D.A.'s office. Bardge said "Using us to make them what they want to be, and leaving us with nothing."

Kool Kash is shut down, and John Bardge is glad he helped. Bardge said "I'm happy that she won't be taking nobody else's money like they was taking my money."

A court receiver in charge of Kool Kash's assets has forgiven all the loans outstanding. No one has to pay back what are being called illegal transactions.

John and Helen Bardge say that is fair.

Prosecutors are not sure how many victims there are in this case. They seized Kool Kash's records and computers, to find out.

posted at 4:25 PM by jimw@walb.com

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Officials implement policy change after 2017 bridge collapse

    Officials implement policy change after 2017 bridge collapse

    Tuesday, May 22 2018 12:15 AM EDT2018-05-22 04:15:50 GMT
    (Source: WGCL)(Source: WGCL)

    Officials say the kind of materials that fed a fire below a metro Atlanta highway overpass which collapsed last year will no longer be stored under state bridges.

    More >>

    Officials say the kind of materials that fed a fire below a metro Atlanta highway overpass which collapsed last year will no longer be stored under state bridges.

    More >>
  • Stacey Abrams stops in Albany before primaries

    Stacey Abrams stops in Albany before primaries

    Monday, May 21 2018 11:39 PM EDT2018-05-22 03:39:32 GMT
    One Democratic candidate for Governor, Stacey Abrams, stopped in Albany.One Democratic candidate for Governor, Stacey Abrams, stopped in Albany.
    One Democratic candidate for Governor, Stacey Abrams, stopped in Albany.One Democratic candidate for Governor, Stacey Abrams, stopped in Albany.

    The primary elections for Georgia are Tuesday, and one of the Democratic Party candidates for Governor made a stop in Albany Monday.  

    More >>

    The primary elections for Georgia are Tuesday, and one of the Democratic Party candidates for Governor made a stop in Albany Monday.  

    More >>
  • Man looking for owner of Korean War award

    Man looking for owner of Korean War award

    Monday, May 21 2018 11:33 PM EDT2018-05-22 03:33:25 GMT
    Korean War Award was found in a recycling plant.Korean War Award was found in a recycling plant.
    Korean War Award was found in a recycling plant.Korean War Award was found in a recycling plant.

    A South Georgia man was given a bell two years ago, but it wasn't until two weeks ago that he discovered there was an inscription on it. Now he's looking for its rightful owner. 

    More >>

    A South Georgia man was given a bell two years ago, but it wasn't until two weeks ago that he discovered there was an inscription on it. Now he's looking for its rightful owner. 

    More >>
Powered by Frankly