Deep In Debt Church Pays Off Payday Loans!


Reader Pastor Van Moody and his church have taken a proactive approach to getting its members and non-members out from under crushing payday loan debt. I love this because they are not just paying it off, they are counseling them on money management and walking through it with them...accountability we need more of it.

The Worship Center Christian Church in Birmingham announced during services on this past Sunday morning that it will pay off the payday loans of 48 people struggling with debt. Those whose loans are being paid off owe a combined total of more than $41,000 and are paying high-interest rates of 36 percent and much higher. Payday loans are unsecured cash advances that people use to make it through to the next payday. Payday loan centers proliferate throughout Alabama.

Deep in debt? Church pays off payday loans

Comments

  1. Payday loans are the DEVIL!!!!! Stay away!!!!!!!

    ReplyDelete
  2. The new thing is flex loans which are as bad as payday loans.

    When laws were passed to block the treacherous of the payday loans, the industry's lobbyist got busy with a new product. After the back room deals were complete, suddenly politicians in some states were doing all they could to legally allow the payday loan replacement -the flex loan. In some places one might see city buses covered in huge flex loan ads.

    These loan products are meant to cripple and it's a shame they are legal.

    ReplyDelete
  3. I was in over my head with payday loans. It got to the point where I just couldn't pay it off. So I stopped paying & they threatened to sue me. I did some research and found out that the loans were illegal in my state and that I could not be sued! THANK GOD!! But by this time I had already paid them double the principle amount in just interest fees. Those and cash advances against pending lawsuits are the worst and should be TOTALLY AVOIDED AT ALLLL TIMES!!!!!!!!!!!!

    ReplyDelete
  4. You don't need to be rich to build your own church. Nowadays church loans are provided by some lending companies who meet the expenses of church construction fee. So start to find the perfect loan for your church.

    ReplyDelete

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