We all wondered how to solve the issue of payday lenders soliciting the most financial vulnerable among us by charge exorbitant interest rates that end up costing twice the amount borrowed initially. The finance market always fills a void and in this case it may be beneficial to the community. Walmart and other vendors have begun to provide low interest loans to their employees (about 40% fall in this category) by allowing the early access to their paycheck, a few days before payday. It appears most need access to loans in between pay periods to tie them over to the next paycheck. This is new, and we have to wait to see if it works for all parties involved.
https://www.npr.org/2018/08/16/639236531/wlamart-and-others-offer-workers-payday-loan-alternative
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.