5/30/12 I just had breakfast with one of our church members who has lobbied against payday lenders in the State of Texas. She was joined by another woman who lobbies on behalf of Texas Impact, a faith-based organization that carries its message to the Texas legislature. The concern/dream/burden on my heart is to come up with an alternative to the practice of payday loans which can charge exorbitant fees and lending rates, which the Bible calls usury. My church member says that 70% of payday loans are made in the State of Texas. Yes, Texas is the leader in usury. We're number 1. My idea is to have churches form relationships with people who need short-term loans and provide them these funds so that they can get on with their lives. I have seen the example of micro-loans in other cultures, and I want to copy that here. I don't necessarily want to put payday lenders out of business, but I do want to provide an alternative for those who want a different relationship/experience where it comes to getting a loan.
Love,
Lynn
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