From Black Enterprise
Robert L. Johnson, founder and chairman of The RLJ Companies and Dr. DeForest B. Soaries, Jr., senior pastor of the First Baptist Church of Lincoln Gardens in Somerset, New Jersey, today announced their new alliance to reshape the national financial lending climate and help Americans, particularly minorities, pay down consumer debt, increase household savings, and overcome a cycle of short term and emergency borrowing caused by the excessive use of payday lending.
Nearly twelve million Americans turn to payday loans annually when faced with financial challenges in order to cover emergency expenses and meet cash shortfalls. Forty-one percent of borrowers have needed a cash infusion to pay off a payday loan and many ultimately turn to the same options they could have used instead of payday loans to finally pay off the loan. As a result and because of current high interest lending rates, many borrowers are unable to pay back loans in a timely manner and find themselves in a cycle of borrowing and debt.
For more about the partnership between Robert L. Johnson and Dr. DeForest B. Soaries, Jr., click here.