A group of religious leaders and advocates for the poor are protesting today at a Payday America store in Minneapolis to bring attention to what they call predatory lending practices at such payday lending stores, where short-term loans — from payday to payday — with interest rates that can be as high as 400 percent, can lead to a cycle of debt.
They want the Consumer Financial Protection Bureau, which is crafting new rules for the lending practice, to produce stronger regulations and protections. They also want to remind people of alternatives to the payday lenders, such as Exodus Lending, organized by Holy Trinity Lutheran Church to offer short-term low-interest loans and credit counseling.
Organizers from ISAIAH, the Minnesota State Baptist Convention, and Exodus Lending have organized the protest and rally at 11:15 a.m. today, outside the store at 2600 Nicollet Ave.
Leaders scheduled to speak are:
- Rev. Billy Russel, President of the Minnesota State Baptist Convention and Pastor of Greater Friendship, Minneapolis
- Rev. Runney Patterson, Vice President of the Minnesota State Baptist Convention and Pastor of New Hope Baptist, St. Paul
- Rev. Jay Carlson, Holy Trinity Lutheran Church, Minneapolis
- Rev. Adam Rao, Executive Director of Exodus Lending
- Rev. Paul Slack, President of ISAIAH and Pastor of New Creation Church
- Rev. Grant Stevensen, ISAIAH