Predatory Loan Practices Counter Faith Prohibitions

Ministers most often preach a gospel of being thrifty and careful with money. In spite of this evangelicals tend to lose payday loans. This type of issue is of concern to some, enough to research it on irights and get information so it might stop.
There are specific Biblical statements and other directives that give believers a direction when it comes to handling money. In fact, stories about thrift abound in different Bible statements. That’s why ministers underline the value of faith, to get believers to be careful about money, well knowing perhaps the temptations and the Biblical admonitions about misusing money. Still, in spite of the admonitions, many Christians are involved in payday lending, especially in the South where these businesses predominate.

Some ministers, recognizing that the recession is in the minds of many, are preaching especially about how to handle money these days. One Baptist minister chose as his sermon “A Biblical Understanding of Money.” The minister maintains that the recession might be a good thing, the free market correcting itself. He talks about money, being careful with it, being a good steward with finances, and acting responsibly. He says specifically that people should not borrow if they can’t pay the money back and not buy those things they can’t pay for.

Cotey Pickney, another preacher, talks about money as well, making sure his people of faith in his congregation understand that the root of evil is money and that all things we need come from God. It isn’t money that brings happiness; it is God, he declares. He emphasizes being good stewards, being generous and giving money, that we should keep our giving and our finances private and that financial stress comes for one’s personal growth. He doesn’t advise to go out and borrow easily but to be careful with money enough so that you don’t have to borrow at all.

These are the usual messages of many Christian ministers that many Christians don’t listen to and use predatory lending, quickie loans from payday lending services, research found. This doesn’t correspond, however, to what the ministers teach, as noted by the messages they give. Predatory lending practices don’t correspond to the family values talked about in these sermons either. For with stewardship, most ministers say, comes a responsibility to the family and the community. The fact that predatory practices are detrimental is found in the fact that the fees for payday loans cost American families $4.2 billion annually.

Indeed religious teachings about money reflect ministerial guidance for the faithful. It appears, however, that research supports that some people don’t take the advice and use predatory lending or payday loans rather than learning proper money management and thrift.