Theology Uncorked – The Battle against Predatory Lenders

Monday, April 29, 2019

The evening will start with the screening of “Let my people go”, a documentary about the South Dakota ballot initiative which outlawed all predatory loans in that state, by capping interest rates on all loans at 36%.

After the screening, which will serve as an introduction to the subject, Whitney Barkley Denney, Senior Policy Counsel, Center for Responsible Lending and Kelly Griffith, Executive Director, Southwest Center for Economic Integrity, will lead a conversation on the current situation in Arizona and at the Federal level.

If you are a low income person and have a pressing need for cash, the over 350 Title Loan stores in Arizona offer an immediate solution: a short term loan secured by a car title. Title Loan stores are conveniently located in low income neighborhoods. The loan process is quick and easy. No credit check, just a car title. Title loan companies know that most people, who have a pressing need for cash, will sign a loan contract without reading the fine print. They also know that at the maturity of the loan (30 days), most borrowers will not be able to pay back the amount borrowed and will have to refinance the loan. The typical title loan borrower refinances 8 times, each time compounding the interest (as high as 17%/month) as well as incurring additional renewal fees. The repayment on a $500 title loan refinanced 8 times is $1,265 plus fees.

This is how low income citizens of Arizona are caught in a DEBT TRAP! Eventually they lose their cars, have their bank accounts overdrawn and paychecks garnished.

Theology Uncorked is a free program for theological reflection, good conversation, delicious wines and fresh popcorn! This program is offered usually on the first Monday of each month with presentations, movies, etc., which allow us to further examine our lives as it relates to Christ's teachings. You are welcome to bring snacks or a bottle of wine to share as we delve into our theology! All are welcome to join us!

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