“The Bible condemns gaining wealth through usury; and the writers of Scripture warn
about gaining wealth through exploiting the poor… [but] The State of Alabama
allows Payday lenders to charge an annual interest rate of 456%.”
So reads a 2014 Alabama Baptist State Convention resolution condemning predatory payday loans and recommending a 36% cap on interest rates. This resolution is just one of many efforts by faith-based organizations all around the country to combat the payday loan industry and other questionable financial products they believe are hurting low-income Americans and eroding communities.
Read the original article here at Consumerist.
March 10, 2015 By Ashlee Kieler