Predatory Lenders at Large
From the street, they appear harmless, even enticing. Promising fast cash to cover everything from school expenses to doctor bills, payday lending stores — also known as check cashers — offer quick loans to be paid back in full in two weeks.
When her husband was out of work, Sandra borrowed $500 from a payday lender to pay her car insurance. Over the course of the next two years, Sandra and her husband borrowed a total of $2,510 and ended up paying $10,000 in fees! That’s because most payday lenders set outrageous interest rates, some starting at 390 percent APR! According to the Center for Responsible Lending, the average customer will end up paying $800 for a $300 loan.
Why would anyone do this? Well, you might if you didn’t have any other options. Of the 12 million Americans who take out payday loans, many have been turned down by banks or credit card companies because of poor or no credit score.
When you boil it down, it’s a financially vulnerable people that has fallen victim to human greed.
Many state governments have tried to enforce interest caps on predatory lending. And 16 states have even banned the business. Not surprisingly, these groups are experts at slithering their way around the laws, by transacting online, for example, or incorporating under the jurisdiction of Indian Reservations, which are immune to state interest-rate caps.
This could be one of the biggest justice issues of our day, and one that the church, as the leading defender of the poor and the vulnerable, needs to take seriously.
In Pittsburgh, one church has. Allegheny Center Alliance Church has confronted the problem head-on — not by going after predatory lenders, but rather by creating an alternative. Started in 2007 by Tony Wiles and Dan Krebs, two men connected with Allegheny Church, Grace Period, Inc., offers loans up to $500 with 13 days free. Working in partnership with a local credit union, Grace Period aims to turn its clients into savers rather than borrowers, by implementing a system in which they contribute to a credit account while paying off their loan. Members are free to dip into their credit accounts as they have need. To date, more than 3,600 people have accessed free loans through the company Grace Period.
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However, mainstream financial institutions are increasingly peddling similar loans. In California, payday lenders charge a 460 percent annual interest rate for a two-week cash advance on a borrower's pay or benefit check. The terms at major commercial
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Check with your lender to find out if they will participate in the revised CAPLine program. Alternatively, download the SBA guidebook in your location and see if it lists the most active SBA lenders. If not, contact your SBA district office for a list
Are you giving cash discounts for early settlements? Is your management information as good as it needs to be, and are you using it properly? Are your sales people too focused on selling and not on collecting cash? Have you checked your credit rating
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