With Payday Loans Burying Borrowers, Community Tries Alternatives

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Yuki Noguchi / NPR / June 16, 2016 /

“A few years ago, a man came to pastor Wes Helm at Springcreek Church in Garland, Texas, and opened up about his financial troubles. Helm looked through his budget and noticed one major monthly expense: a payday loan fee three times more than the amount of the loan itself.

“I thought, this can’t be legal,” Helm said. “Our church started digging into it and looking into it in our community and found not only was it legal, but that they were all over the place, that dozens and dozens of our families in our church had lost thousands of dollars in fees, they had lost vehicles, sometimes even homes.”

Read about the action taken by this church and more here.