Churches utilize political stress, small-dollar loans to fight predatory payday lending

Churches utilize political stress, small-dollar loans to fight predatory payday lending

Anyra Cano Valencia had been having supper with her spouse, Carlos, and their family when an urgent knock arrived at their home.

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The Valencias, pastors at Iglesia Bautista Victoria en Cristo in Fort Worth, Texas, exposed the entranceway to a hopeless, overrun congregant.

The lady and her family members had lent $300 from a “money store” devoted to short-term, high-interest loans. Not able to repay quickly, that they had rolled on the stability as the loan provider included charges and interest. The woman additionally took away that loan regarding the name towards the household vehicle and borrowed from other short-term loan providers.