Pastors’ message wasn’t the gospel.They lobbied for payday loans

Source: Lawrence Mower, Miami Herald

When state lawmakers voted on a payday loan bill this year, they heard from a group not normally associated with the financial industry: men of the cloth.

The ministers managed the Tallahassee trek by flying on private jets chartered by Florida’s largest payday loan company, Amscot. They spread the payday gospel among black Democratic lawmakers, who were identified by Amscot’s CEO as critical to the bill’s success.

Companies like Amscot will now offer up to a $1,000 loan and collect up to $214 in fees.
 

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