Central Christian Church
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Community Forum on Predatory Lending in Springfield

Open to the Public
Time: Wednesday, May 25 at 7:00pm
​Location: Central Christian, 1504 Villa Rd

There are more payday loan  centers in Springfield than there are McDonald's.  Nationwide, payday loan centers outnumber McDonald's by nearly 6,000 stores.  Average annual interest at these loan centers ranges from 390%-665% and most of it comes from individuals and families who live at or near the line of poverty.
  • James said that the test of our faith is whether we do something. 
  • Paul told us to seize the moment. 
  • God tells us to take up the cause of the poor.​
Psalm 12:5
“Because the poor are plundered and the needy groan,
I will now arise,” says the Lord.
“I will protect them from those who malign them.”
 
Psalm 82:3
Defend the weak and the fatherless; uphold the cause of the poor and the oppressed
.

              Schedule for Forum
  • Welcome & Introduction to Payday Lending - Carl Ruby
  • Panel Discussion
    • ​Jeff Loeser, Senior Assistant Attorney General in the Consumer Protection Section, Attorney General's Office
    • Stan Hirtle, Attorney. Advocates for Basic Legal Equality, Inc.
    • Amanda Hoyt, Faith in Public Life
    • Rachel Klopfer, Consumer Credit Counseling Service, Graceworks Lutheran Services
    • Derek Drewery, Pastor, New Day Christian Fellowship
    • Jason Carrier, Southgate Baptist Church
  • Q&A - Moderated by Carl Ruby
  • Moving Forward
    • Instructions for Calling Public Officials
    • Launch of Task Team to Explore Faith-based alternative to payday loan centers
This event is open to the public and will be covered by local media.

Call Carl Ruby at 937.305.9068 for more information.


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Statistics on Payday Loan Centers
  • ​There are now more payday loan centers in America than there are McDonalds or Starbucks.  Over 20,000 loan centers compared to 14,267 McDonalds.
  • Payday lending is a $46 billion industry. By contrast McDonald’s worldwide revenue was $22.7 billion.
  • Nine large conglomerates own most Payday Loan centers.
  • In 2015, payday loan centers in Ohio collected $502 million in fees from our poorest citizens.
  • Ohio is one of the least regulated states for payday lenders.
  • On July 13 Google will ban ads promoting payday and car title loans because of their harmful affects on communities.
  • Almost 80% of payday loans go to people earning under $30K per year.  This would place many of them below the line of poverty if they have children.  Average income of a borrower is $26,167. 
  • 87% of those who take out one or two loans will come back for more. The average payday borrower will take out 10.7 payday loans.  Often, all 10 of which are taken out to pay off the original principle.
  • 75% of the fees collected come from borrowers who take out at least 10 loans.  The industry doesn’t exist to help people get out of an occasional bind – Its entire profit structure is based on keeping people in debt.
  • The average borrower will borrow around $300 and pay $574 in fees.
  • The average borrower will be in debt for 196 days.
  • Some borrowers will take out larger loans, maybe $3,000.  The average person who takes out a $3,000 loan will be in debt for about 150 days.  They will pay $4,808 in fees for the opportunity to borrow $3,000 for 5 months.
  • Over 80% of all payday loans are “churned,” rolled over to pay off previous loans, in other words, only 20% of users use them as advertised, for emergency cash to get them through till payday.
  • In 2006, Congress enacted the Military Lending Act to protect members of the Military from this practice, limiting their interest rate to 36%.  If Congress feels that our military needs to be protected from this industry the same concern should exist for Springfield’s working poor.
  • ·Pew found that 69% of payday loans were taken out, not for one-time emergencies, but for recurring monthly expenses – an expense they will face again the next month.

Location

Central Christian Church
1504 Villa Rd.
Springfield, Ohio

This event is open to the public and will be covered by local media.


Location

What Sundays are Like at Central

Central is vibrant nondenominational church focused on making our community more like heaven.  We strive to keep Jesus at the center, looking to scripture for direction, and asking God's Spirit to lead and empower us. We care about justice, We love our neighbors, and we proclaim the gospel. Sundays are a little different with Covid-19, until we are able to gather inside the worship center our services will be online. Please visit Central Reopening for details.

Contact Us

1504 VIlla Rd, Springfield, Ohio 45503
Church - 937.390.2424
Pastor - 937.305.9068
  • Home
  • Central Reopening
    • Reopening Strategy
    • Reopening Guidelines
    • Reopening Service Hours
    • Reopening Entrances
    • Reopening Mask Restrictions
    • Reopening Seating
    • Reopening Fellowship
    • Reopening Refreshments
    • Reopening Offerings
    • Reopening Communion
    • Reopening Kids Ministry
  • Get To Know Us
    • About >
      • Plan Your Visit
      • Meet Our Team
    • What We Believe
    • Meet our Pastor
    • Meet our Ministry Partners
    • Men's Ministry
    • Celebration Station Preschool
    • Children's Programs >
      • Keeping Your Child Safe & Well
  • Sermon Archive
  • Pastor's Blog
  • Give
  • Member Resources
    • Calendar & Events
    • Submit a Prayer Request
    • Facility Question or Request
  • Read Prayer Requests
  • Contact