Many want the national government to guard customers from loans with extortionate interest

Many want the national government to guard customers from loans with extortionate interest

By Bob Smietana

Posted April 19, 2016

Nashville—Self-identified Christians in 30 states—from Alabama to Wyoming—say it is a sin to provide cash to a person who can not manage to repay it.

. Nevertheless, 1 in 6 Christians has taken away a payday that is high-interest, while handful of their other believers discover how such loans work or turn to the Bible for guidance about reasonable financing.

Those are on the list of findings of a fresh paid survey of Christians’ views of payday financing from LifeWay Research. The Nashville-based research company surveyed 1,000 self-identified Christians in 30 states, each of which have actually little or no legislation of payday advances.

Most Christians find payday loans not practical and morally debateable, stated Scott McConnell, vice president of LifeWay Research. Various appear unaware the Bible addresses lending practices.

“Ask individuals if billing high interest is incorrect, and they’re going to say yes, ” McConnell stated. “They your investment Bible calls it ‘usury’ and condemns it as sinful. “

The study, carried out Feb. 5-17, ended up being sponsored by Faith for only Lending, a nationwide coalition of diverse and nonpartisan faith leaders in opposition to predatory loans.

One of the findings that are key

N Christians are no strangers to payday advances. Overall, 17 % of Christians have taken payday loans—20 % of Protestants and 12 percent of Catholics. 50 % of African American Christians (49 per cent) and 25 % of Hispanic Christians (24 %) state they will have removed a quick payday loan.

N Most think benefiting from borrowers is sinful. But few state payday advances are immoral. Three-quarters (77 %) of Christians state it is sinful to provide profit means that harms the debtor financially. Continue reading “Many want the national government to guard customers from loans with extortionate interest”