Today, I made a presentation on payday lending at Evangel University’s Compassion Symposium.

First, here’s a video from Pew Charitable Trusts that explains how payday lending works:

Here’s an additional video about who uses payday loans and why:

I referenced the following Scriptures:

• The Old Testament prohibits the people of God from charging interest on loans to fellow Israelites: Exodus 22:25; Leviticus 25:36–37; Deuteronomy 23:19–20; Nehemiah 5:1–19; Psalm 15:1, 5; Ezekiel 18:8, 13, 17; 22:12.
• The New Testament promotes an ethic of koinonia, “fellowship.” That fellowship has an economic component to it, an ethic of sharing. See, for example: Acts 2:42–47; Romans 15:26; 2 Corinthians 8:4, 9:13; Hebrews 13:16.

I referenced the following documents:

• Center for Responsible Lending, “Payday and Car-Title Lenders Drain Nearly $8 Billion in Fees Every Year”
• Consumer Financial Protection Bureau, “Payday Loans and Deposit Advance Products”
• Consumer Financial Protection Bureau, “Payday, Vehicle Title, and Certain High-Cost Installment Loans” final rule
• Missouri Division of Finance, “Payday Lenders” website
• Missouri Divison of Finance, “Report to General Assembly pursuant to section 408.506, RSMo”
• Pew Charitable Trusts, “Consumer Finance Project” website
• Pew Charitable Trusts, “Payday Lending in America: Who Borrows, Where They Borrow, and Why” and “Payday Lending in America, Report 2: How Borrowers Choose and Repay Payday Loans”
• Pew Charitable Trusts, “Payday Lending in America: Who Borrows, Where They Borrow, and Why” quick summary
• Pew Charitable Trusts, “How Borrowers Choose and Repay Payday Loans” quick summary
• Pew Charitable Trusts, “Payday Lending in America: Policy Solutions” quick summary