The Money Changers Seated At Their Tables
Predatory Lending

OVERVIEW OF TOPIC

Focus Text: John 2:15-16

“Jesus also poured out the coins of the money changers and overturned their tables.  He told those who were selling the doves, 'Take these things out of here! Stop making my Father’s house a marketplace!’”

Scripture Commentary & Pastoral Reflection from Modern Day Moneychangers

“Borrowers of payday loans are often faced with the same decision as the ancient Jews: either pay for the convenience of an overpriced good, or not have an important need met.  As Jesus deemed this type of exploitation to be unacceptable during His time, we should stand up against such practices today.” 

Personal Vignette from Too Much Month at the End of the Paycheck

“In a neighborhood like ours, where you don’t have a bank within walking distance, you will see within a three-block radius four payday lenders.  I’ve noticed the check cashers have turned over to payday lending because they get more regular business: you go in this Friday and borrow money, and then in two weeks you’re right back in again.”

Key Fact

Payday lending (sometimes called cash advance) is the practice of using a post-dated check or electronic checking account information as collateral for a short-term loan.  These loans are structured so that borrowers typically cannot pay them off, and must keep renewing them for months on end. The interest payments—about $50 each pay period for a $300 loan—never reduce the loan principal.