Rev. DeForest Soaries (author, pastor, former NJ Secretary of State) addressed predatory payday lending in Grand Rapids, Michigan, April 14-16, 2012.
Since 2005, no state has authorized triple-digit interest rates for payday lending. The District of Columbia and six states - Arkansas, Arizona, New Hampshire, Ohio, Oregon and Montana -- have all enacted double-digit rate caps on these debt-trap loans.
In Michigan, the typical payday loan of $402 comes with an average interest rate of 390 percent. Michigan families pay more than $122.7 million in payday loan fees per year. At this conference, community organizations' calls for reform culminated in a peaceful demonstration outside a major payday lender's store.