Oklahoma Baptist Groups Vow To Fight Payday Loan Lenders

Just like the Kentucky baptists, the Oklahoma baptists are jumping on board and are vowing to fight payday loan lenders in the state of Oklahoma. They are seeking legislation that would put limitations on payday lenders in the state. At the New Baptist Covenant II regional meeting at St. John Missionary Baptist Church, officials vowed to fight for the poor.

The event, which was started by President Jimmy Carter several years ago, brought together over 200 representatives from various baptist organizations. The purpose was to discuss local issues of concern. A big one being payday loan lending. Rev. Bruce Prescott, the director of Mainstream Oklahoma Baptists, said Baptists gathered in Oklahoma City in an effort to change some of the payday lending practices currently going on.

They feel payday lending companies prey on those who are less fortunate. Many who attended the conference where shocked to learn just how high interest on the loans can be. Rev. Major Jemison, senior pastor of St. John Missionary Baptist Church, believes that it is the job of the Christian Community to stand up and speak out against such lending practices.

Other pastors in the area also feel the same way. Rev. Mitch Randall is one of them. He is an American Indian and is very concerned with the way tribal governments govern payday loan lending. He believes the limitations are stringent enough. In a statement he said, “These companies are feeding off the hardship of this economic climate and feeding off the individuals who need our protection the most.”

Its clear that everyone has a common goal and that is to get a law passed that limits the amount of interest that can be charged on these loans. But that's not all the Oklahoma Baptists want to do. They also want a law that limits the number a loans a person can take out in a year.

Many people take out multiple loans and end up in more debt than they can get out of. That's why they are proposing a limit of 5 per person, per year. They are also proposing that borrowers only be able to take out one payday loan at a time. The idea is to end the vicious cycle of debt that payday loan lending can often lead to.

Truth be told, citizens have to learn how to be more responsible. Don't borrow money if you can't afford to pay it back.