Jason Carrier, a pastor at Southgate Baptist Church, which, like Mr. Drewery\u2019s church, is in Springfield, Ohio, is trying to help his church start a \u201cgrace-based lending\u201d\u009d program that worshipers can use in place of payday lending. The program would direct any fees charged above the principal into savings accounts for the borrower, not into lenders\u2019 pockets.<\/p>\n
\u201cIn conjunction with a credit union, the money \u201d\u201d for lack of a better word, we\u2019ll call it interest \u201d\u201d goes into a savings account, so they are learning to save money,\u201d\u009d Mr. Carrier said. \u201cTo use the service, you have to take some classes, and you have a financial coach that will help you and walk with you along the way.\u201d\u009d<\/p>\n
Mr. Carrier\u2019s church has already tested its program with several needy members. Ultimately, he said, he would like to directly challenge the payday lenders. \u201cWe\u2019d like to have a storefront, just like your Check \u2019n Gos, but with space in the back for classes and financial coaching.\u201d\u009d<\/p>\n