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Faith Community Calling For Interest Rate Caps on Payday Loans

September 26th, 2017 by Jake Stofan

Church Leaders are announcing a proposed constitutional amendment to the states constitution to put camps on interest rates for pay day loans.

The proposed 30% cap was announced in the state Capitol with pastors and reverends from multiple denominations saying members of their churches have fallen into unescapable cycles of debt after taking payday loans.

Reverend Rachel Gunter Shapard of the Cooperative Baptist Fellowship of Florida says the loans often come at a 300% interest rate and target the most financially vulnerable citizens.

 

“In 2015 alone these predatory practices cost families in our state more than 300 million dollars. This is immoral,” said Rev. Shapard.

As it stands now there is no cap on interest rates for payday loans.

The coalition of religious leaders noted no members of the Constitutional Revision Committee have endorsed the proposed change as of now.

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