Let me make it clear about Survey: Christians call ‘payday loans’ sinful

Share this post:

NASHVILLE (BP) — Self-identified Christians in 30 states — from Alabama to Wyoming — say it is a sin to provide cash to somebody who can not manage to repay it.

Many want the federal federal federal government to safeguard customers from loans with extortionate interest. Still, 1 in 6 Christians has taken away a payday that is high-interest, while handful of their fellow believers discover how such loans work or aim to the Bible for guidance about reasonable financing.

Those are one of the findings of a fresh paid survey of Christians’ views of payday financing from LifeWay Research. The research that is nashville-based 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. Many appear unaware the Bible addresses lending practices.

“Ask individuals if asking interest that is high wrong, and they are going to say yes,” McConnell said. “They forget the Bible calls it that is‘usury condemns it as sinful.”

The study, carried out Feb. 5-17, had been sponsored by Faith for only Lending, a nationwide coalition of diverse and faith that is nonpartisan in opposition to predatory loans.

On the list of key findings:

— Christians are not any strangers to pay day loans. Overall, 17 per cent of Christians have taken pay day loans — 20 per cent of Protestants and 12 per cent of Catholics. 1 / 2 of African American Christians (49 %) and one fourth of Hispanic Christians (24 per cent) state they will have taken down a quick payday loan. Continue reading