About 1 in 3 Christians who live in the 27 states that place few restrictions on short-term, high-interest “payday” loans have used them, according to a recent survey by an evangelical research organization.
is twice the percentage of Christians who reported doing so seven years ago.
Such harm could come to borrowers via high-interest rates: South Dakota and Nevada, for example, have no limit on the annual percentage rate for short-term loans, which are supposed to last 14 days but are often renewed again and again. According to the Lifeway survey, Christians in states without extensive regulation of the industry want the government to intervene. Almost two-thirds of respondents said the maximum APR for such loans should be 36% or less; nearly 4 in 10 said the top rate should be no more than 12%.
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