First off, let’s not go down the road of the thieves that set up shop in the house of God. Those ‘vipers’ were crooks. I’m talking about a church investing in a legitimate business of Pay Day Loans.
Pay Day Loans have saved my hide more than once. You may be thinking that my credibility is suspect since my debt situation is so bad and you may be right but hear me out. Truth of the matter is Pay Day Loans is a big business in America. A lot of people live pay check to pay check without a means to an end. Someone may have a bonus come up in two weeks and their car breaks down so they need extra cash, a Pay Day loan may be just the thing.
I’ve done pay day Loans enough to know the interest rate is ridiciously high. The most you can get is $700 borrowed with a post dated check written in the amount of $795.00. That’s over 300% and what’s worst is the less you borrow the more interest you pay.
When I’ve been in Pay Day Loan offices I don’t fit in very well. I’m usually dressed with a pressed button down dress shirt and nice slacks. Others in line are usually not business professionals (well, they don’t dress like business professionals) some would say they are the less fortunate of today’s society. Which is why I think the church can capitilize on such an opportunity. Remember, Jesus didn’t come for those that have it all together. He came for the down trodden, the less fortunute in the world. It is extremely difficult for the rich to truly understand and rely on God completely (insert camel and needle)
So here’s my What If…What if a church invested in a Pay Day Loan store? The interest rates could be sliced in half, or enough to turn a profit to pay for operating expenses. This would obviously spread around the pay day loan customers since they can borrow the same non-credit check cash at half the interest rate.
The first time someone took out a Pay Day Loan they would be treated like a normal customer.
The second time someone took out a Pay Day Loan they would be handed a brochure about best practices for handling your money – maybe even partner with a group like Dave Ramsey.
The third time someone took out a Pay Day Loan they would have to fill out a 10 question questionare and if they wanted to be contacted about upcoming financial classes they could request it.
The fourth time someone took out a Pay Day Loan they would have to spend 10 minutes over the phone with a certified financial counselor and they would have to wait 90 days before they could apply for another Pay Day Loan. After the waiting period was over they would have to fulfill certain obligation or classes to proceed. The financial counselor would apply biblical principals to practical financial advice since the whole point of this ministry is to lose customers.
What do you think?