35 cities in Texas have passed ordinances limiting the predatory practices of payday and title lenders - but Richardson isn't one of them. Instead, they have said that regulation should take place at the state and federal level. Faith in Texas is calling members of Richardson City Council, as well as our state representatives, to meet us outside a local lender to hear our stories and to join their voices with ours by making a public statement that loans with interest averaging 450% APR, which are designed to trap people in cycles of debt, are morally wrong and should face tougher regulations.
We will make our statement by gathering en masse outside a lender, where we will hear prepared statements by faith leaders and borrowers, hold signs warning the community about predatory loans, and present our representatives with shirts with messages about the harm payday loans have caused written on them. As this is a public demonstration, please be prepared to arrive at 6:15 for preparation at Springcreek Church. It is critical that we speak and act with one voice, from the same page.