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Bishop speaks out against payday lending

September 02, 2016

A Texas bishop has appeared in a documentary on efforts to enact legislation regulating payday lending.

Bishop Joe Vásquez of Austin said in The Ordinance that “at least a third of those seeking help in taking care of rent, medications and other expenses had loans with payday lenders,” the Temple Daily Telegram reported.

 
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  • Posted by: 1Jn416 - Sep. 02, 2016 11:36 AM ET USA

    Wow - a bishop speaking against usurious lending! We don't see that often these days. I don't know what the solution might be. People barely scraping by sometimes need a loan to carry them until the next paycheck. Since the amounts are small and the risks high, banks won't serve this demographic. If we want to help people break the payday-loan cycle, we need to provide an alternative.