Ellison, Faith Leaders Speak Out Against Payday Lending
MINNEAPOLIS (WCCO) -- Local religious leaders are working with Rep. Keith Ellison to try to help people facing high interest loans.
On Tuesday morning, religious leaders held a forum at Greater Friendship Missionary Baptist Church in Minneapolis.
The faith leaders say that payday lending storefronts have higher rates in communities of color and offer predatory products that trap people in debt.
"Payday lending is not fair. It is not credit. It is robbery," said Pastor Paul Slack of New Creation Church.
Ellison said the group's focus is that people don't get caught in a cycle of debt.
"The fees are so high that they got to get a loan to pay back the loan, and then that goes on and on," Ellison said. "That is a core principle. You got to break it."
The religious leaders say they want more regulation on the payday loan industry, including a cap on the maximum interest rate.