Advice to address the damages regarding predatory credit
Beyond advocating to have capping interest levels and you can laws who need lenders to take on an effective borrower’s power to pay-off, faith-created organizers at PICO National System federations intend tricks so you’re able to get rid of barriers so you’re able to private banking and reduce the amount of banking companies regarding the payday lenders
Ultimately, faith communities will work to help make and you may help choice mortgage software one to meet the needs out-of insecure borrowers. Into the Minneapolis, including, a Lutheran church located near a pay day bank recently revealed Exodus Financing, an excellent nonprofit you to refinances pay day loan costs plaguing area members. (more…)