As Faith and Community leaders in Hawaii, it is vital that we speak out against predatory lending practices hurting the
families in our congregations and communities. Payday loans, short term loans where our families are being charged more
than 450% APR, are spreading on our islands, trapping families in a cycle of debt.
As many of our faith traditions have taught us, this is usury and all major religious traditions share a deep opposition to usury.
In our ministries and communities, we see many households struggling financially. As we work together to empower families
and strengthen our economy, the last thing we need to do is saddle households with bottomless debt.
We believe that a limit of 36% APR on Payday Loans in Hawaii would be more fair, would parallel the national protections
already on the books for military families and would make it more likely for our local families to be able to pay these debts
without falling further and further behind.
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