Baptist groups vow to battle Oklahoma payday lenders
High interest rates
He said the Baptists gathered for the Oklahoma City regional meeting decided to work together to help curtail payday lending practices that they feel prey upon low income people.
Prescott said many Baptist leaders attending the meeting were shocked to learn about the excessively high loan interest rates charged by payday lending institutions.
The Rev. Major Jemison is senior pastor of St. John Missionary Baptist Church, which is affiliated with both the Progressive Baptist Convention and National Baptist Convention.
He said the Christian community's role is to speak up for the impoverished who find themselves in a no-win situation with payday lenders.
“It's a quicksand situation that they find themselves in,” Jemison said.
Less stringent
The Rev. Mitch Randall , senior pastor of NorthHaven Church in Norman , shared similar concerns. Randall said he is an American Indian and he is particularly concerned that some tribal governments impose less stringent limitations on payday lending companies.
This leniency is immoral, Randall said.
“These companies are feeding off the hardship of this economic climate and feeding off the individuals who need our protection the most,” Randall said.
Prescott said he'd like to see legislation that limits the amount of interest a lender can charge.
He said he would also like state legislators to back a proposal limiting individuals to no more than five payday loans in a year or a limit of only one payday loan at a time.
“We are going to do what we can to mobilize support for this,” he said.
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Prescott said many Baptist leaders attending the meeting were shocked to learn about the excessively high loan interest rates charged by payday lending institutions. The Rev. Major Jemison is senior pastor of St. John Missionary Baptist Church,
As a result of protests, Nashville's community financial institutions have seen a clear increase in customers during the last few months. “We had a 35 percent increase in new account openings on Nov. 5, for what we normally see on a Saturday,” says
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Despite outcries from consumer advocates -- who liken payday loans to financial quicksand -- the author of Assembly Bill 1158, state Assemblyman Charles Calderon, D-City of Industry, calls them "the best loan on the market.
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