Payday lenders are companies that lend customers small amounts of money at high-interest rates with the agreement that the borrower will pay that money back.
In Florida, payday lenders are preying on Black pastors and Civil Rights organizations and continue to expand their business as they hurt people. Roland Martin talks with Rev. Sekinah Hamlin, Director, Faith & Credit Roundtable with the Center for Responsible Lending (CRL) about the influence of Payday Loans on African-Americans.
“It’s based on a business model that goes against biblical teaching that robs the poor just because they are poor,” explained Hamlin. “Introduced a new product in Florida in which there would be even more interest and targeted some Black pastors and some of our civil rights organization but it must be noted that in it of itself it is a part of the predatory model.”