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Payday Loans

Payday and title loan companies prey upon those who are vulnerable and need money right away, often charging them exorbitant interest rates plus fees. Here are 5 ways your church can deal with these predatory lending practices. […] Read More

Baptist leaders praised the final version of a rule, released by the Consumer Financial Protection Bureau (CFPB) on Oct. 5, that seeks to end “debt traps” within the payday loan industry. Stephen K. Reeves, associate coordinator of partnerships and advocacy at the Cooperative Baptist Fellowship, called it “a momentous step forward in the fight to […] Read More

The prophet Micah proclaims that the Lord requires his servants to act justly and to love mercy and walk humbly with God (Micah 6:8). The Hebrew word for justice, “misphat,” used in Micah 6:8 appears more than 200 times in Scripture. This reminds us that our faith (or humble walk with God) is to have […] Read More

There are more payday and title loan stores in Missouri than Starbucks, Wal-Marts and McDonalds combined. I’ve heard this statement more times than I can recall. It has been a wake-up call for me in terms of understanding the gravity of the predatory loan problem in the Show Me State. The nature and extent of […] Read More

If you live in one of the 36 states that allow payday, auto title lending or both, you’ve likely seen the storefronts. They promise quick cash, no credit check required. They’re likely located in the poorer part of town next to pawnshops, liquor stores, lottery retailers and rent-to-own furniture or tires. Those who’ve never had […] Read More

Predatory lending practices within the U.S. payday loan industry are becoming more widely recognized as advocates, including many in the faith community, push for reforms. The Consumer Financial Protection Bureau (CFPB) has been analyzing the industry for several years, recently publishing a set of proposed regulations to address, among a number of issues, exorbitant interest […] Read More

There are more payday loan and title loan companies in Missouri than Starbucks, McDonald’s and Wal-Marts combined. Think about that. It’s hard to imagine being charged 450 percent on a 30-day loan for $650, but I saw one of these loan applications for myself. I cannot imagine what it is like for persons who have […] Read More

Auto title loan borrowers often find themselves in debt cycles, and many have their vehicles seized due to their inability to repay the loan, according to a Consumer Financial Protection Bureau (CFPB) report. “Auto title loans, also known as vehicle title loans, are high-cost, small-dollar loans in which borrowers let a lender hold the title […] Read More

Bank penalty fees and closed accounts are common, hidden costs of online payday loans, according to a Consumer Financial Protection Bureau report. A consumer who receives an online payday loan provides their bank account information to the lending group, which submits drafts at scheduled intervals to collect loan payments. When a draft is submitted to […] Read More

Payday loans and predatory lending practices were a key focus of a House Financial Services Committee hearing last week. Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), offered a semi-annual report and answered committee members’ questions, several of which focused on payday lending. Rep. Maxine Waters (D-Calif.), the ranking committee member, praised the […] Read More