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