Let me make it clear about Preachers oppose pay day loan expansion
On Thursday, Florida faith leaders forced forth a message that is single payday financing expansion bills presently into consideration in Tallahassee (HB 857 and SB 920) are usury and really should be stopped.
Both bills look for to authorize yearly rates of interest as high as 208 per cent, via compounding interest, for bigger loans along with longer terms compared to the pay day loans currently permitted under Florida law.
Rev. Rachel Gunter Shapard regarding the Baptist Fellowship that is cooperative of, noted that faith leaders are вЂњdeeply worriedвЂќ about the bills that could вЂњtrap individuals with debt.вЂќ