Payday lenders are companies that lend customers small amounts of money at high-interest rates with the agreement that the borrower will pay that money back.
In Florida, payday lenders are preying on Black pastors and Civil Rights organizations and continue to expand their business as they hurt people. Roland Martin talks with Rev. Sekinah Hamlin, Director, Faith & Credit Roundtable with the Center for Responsible Lending (CRL) about the influence of Payday Loans on African-Americans.
“It’s based on a business model that goes against biblical teaching that robs the poor just because they are poor,” explained Hamlin. “Introduced a new product in Florida in which there would be even more interest and targeted some Black pastors and some of our civil rights organization but it must be noted that in it of itself it is a part of the predatory model.”
READ MORE STORIES ON BLACKAMERICAWEB.COM:
Church Leaders with Legal Problems
1. Pastor Creflo Dollar1 of 9
2. Pastor Juan McFarland2 of 9
3. Bishop Eddie Long3 of 9
4. Dr. Henry Lyons4 of 9
5. Rev. Jesse Jackson5 of 9
6. Roman Catholic priest John Geoghan6 of 9
7. Ted Haggard7 of 9
8. Bishop Thomas Weeks8 of 9
9. Cedric Eugene Cuthbert9 of 9
GET THE HOTTEST STORIES STRAIGHT TO YOUR INBOX:
Roland Martin: The Payday Loan Lobby’s Influence On Black Pastors was originally published on blackamericaweb.com