Christians Say Borrowing Money From Payday Loans Are Sinful
Christians Say Borrowing Money From Payday Loans Are Sinful
When was the last time you borrowed money? Were you
convicted when you asked to borrow money from these corporate companies? I mean,
the Bible does say that we are lenders not borrowers, but does that disqualify
us to borrow when needed? Well, some Christians in 30 states from Alabama
to Wyoming say it’s a sin to lend money to someone who can’t afford to pay it
back. Most want the government to protect consumers from loans with
excessive interest, although one in six Christians has taken out such a loan. And
more say their own experience (28%) rather than the Bible (9%) has informed how
they see payday lending.
Those are among the findings of a new online survey of
Christians’ views of payday lending from LifeWay Research. The Nashville-based
research firm surveyed 1,000 self-identified Christians in 30 states, all of
which have little or no regulation of payday loans.
Most Christians find payday loans impractical and morally
questionable, said Scott McConnell, vice president of LifeWay Research. But
many seem unaware that the Bible addresses lending practices. “Ask people
if charging high interest is wrong, and they’ll say yes,” McConnell said. “They
forget the Bible calls it ‘usury’ and condemns it as sinful.”
They continued to say that Christians are no strangers to
payday loans. Overall, 17 percent of Christians have taken payday
loans, including 20 percent of Protestants and 12 percent of Catholics. Half of
African American Christians (49%) and a quarter of Hispanic Christians (24%)
say they’ve taken out a payday loan.
Most believe taking advantage of borrowers is sinful. But
few say payday loans are immoral. Three-quarters (77%) of
Christians say it’s sinful to lend money in a way that harms the borrower
financially. They also describe payday loans as “expensive” (62%), “harmful”
(37%), and “predatory” (33%). Still, more Christians say such loans are
“helpful” (16%) than “immoral” (11%).
Christians Say Borrowing Money From Payday Loans Are Sinful
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