Mark Oppenheimer, “Beliefs” columnist for the New York Times, informs readers about the diverse Christian coalition that has united against predatory lending practices, and about the new proposal of the Consumer Financial Protection Bureau to regulate payday and other high-cost installment loans.
““I can’t remember exactly what I needed a loan for,” Mr. Drewery said, “but I needed to borrow a few hundred dollars or so.” He turned to one of the short-term, high-interest lending businesses near the base for a “payday loan,” in which people borrow money against their paychecks and are typically supposed to pay it back within two weeks.”
