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NASHVILLE (BP) — Self-identified Christians in 30 states — from Alabama to Wyoming — say it is a sin to provide cash to an individual who can’t manage to repay it.
Many want the national federal federal federal federal government to guard customers from loans with exorbitant interest. Nevertheless, 1 in 6 Christians has taken away a high-interest pay day loan, while handful of their other believers discover how such loans work or aim to the Bible for guidance about reasonable financing.
Those are among the list of findings of a fresh survey that is online of’ views of payday financing from LifeWay Research. The research that is nashville-based surveyed 1,000 self-identified Christians in 30 states, every one of which don’t have a lot of or no legislation of payday advances.
Most Christians find payday loans not practical and morally dubious, stated Scott McConnell, vice president of LifeWay Research. Numerous appear unaware the Bible addresses lending practices.
“Ask individuals if asking high interest is wrong, and they’ll say yes,” McConnell said. “They forget the Bible calls it that isвЂusury condemns it as sinful.”
The study, carried out Feb. 5-17, had been sponsored by Faith just for Lending, a nationwide coalition of diverse and nonpartisan faith leaders in opposition to predatory loans.
One of the findings that are key
— Christians are not any strangers to pay day loans. Overall, 17 per cent of Christians have taken loans that are payday 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 %) say they’ve taken down an online payday loan.
— Most think benefiting from borrowers is sinful. But few state payday advances are immoral. Three-quarters (77 per cent) of Christians state it is sinful to provide profit way that harms the debtor financially. Additionally they describe pay day loans as “expensive” (62 per cent), “harmful” (37 %) and that is“predatory33 per cent). Read more →