FOR IMMEDIATE RELEASE
Spiritual teams declare coalition to fight predatory lending
WASHINGTON, D.C. вЂ” Citing spiritual texts and proof of extensive injury to households from high-cost payday advances, a diverse number of faith companies announced today the forming of a fresh coalition to fight payday lending and predatory financial techniques during a press seminar on Capitol Hill.
Users of the Faith for Just Lending coalition range from the Center for Public Justice, Cooperative Baptist Fellowship, Ecumenical Poverty Initiative, Ethics & Religious Liberty Commission associated with Southern Baptist Convention, nationwide Association of Evangelicals, National Baptist Convention, United States Of America, Inc., nationwide Latino Evangelical Coalition and also the PICO National system.
While representing distinct organizations with various histories and methods, these faith businesses hold a provided conviction that Scripture speaks towards the dilemma of predatory lending вЂ” condemning usury and teaching us to respect the God-given dignity of every person and also to love our next-door next-door neighbors as opposed to exploit their monetary vulnerability. They believe that just lending is a matter of biblical morality and spiritual concern.
In the last several years, high-cost financing to those who work in need of assistance has increased dramatically. Significantly more than 20,000 payday and car-title loan shops operate nationwide. Benefiting from loopholes and a weakening of conventional usury regulations, a majority of these loan providers now provide loans at 300 % APR, leading to families being caught in a period of financial obligation. Faith just for Lending believes enough time has arrived to produce the stranglehold that predatory payday lending is wearing too numerous life in communities throughout the united states of america.
The coalition also released the next collection of maxims just for financing:Detalles