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Posted by on Jan 29, 2015 in Payday

Payday loans and potato chips

Payday loans and potato chips

“Payday loans are the Lay’s potato chips of finance; you can’t have just one and they’re terrible for you.” Comedian John Oliver dropped that line during a segment on his new show Last Week Tonight back in August. The HBO satirist delivered a humor-filled takedown of the $46 billion dollar industry that traps consumers in what Oliver called a “circle of misery.”

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Posted by on Feb 20, 2013 in Payday

The problem of predatory lending — Baptists confront a neglected justice issue

The problem of predatory lending — Baptists confront a neglected justice issue

When his wife Linda fell and broke her leg, Elliott panicked. With Linda unable to work, how would they make the next mortgage payment? To save their modest home, Elliott took out a $500 “payday” loan. But that small payday loan proved to be a bad decision, if he even had a real choice. One loan led to another and then another. Elliott was forced to take out additional loans, a loan to pay for the last loan. Two years later, he was trapped, paying the lender $450 every two weeks, never able to touch the principal for all the interest.

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Posted by on Feb 17, 2013 in Payday

Baptists Lead Charge Against Predatory “PayDay” Lenders

Baptists Lead Charge Against Predatory “PayDay” Lenders

Abortion, homosexuality and church-state separation. These are all issues on which Baptists have made their diverse opinions loudly known to the public. But predatory lending is definitely not an issue that many associate with Baptists. Yet, Baptists in several states have been fighting against the wealthy and powerful multi-billion dollar predatory lending industry in recent years.

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