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Review: What does the Bible state about financing practices? Just what does Scripture state about high interest levels?

Review: What does the Bible state about financing practices? Just what does Scripture state about high interest levels?

By Amy Wiles, Special into the Baptist Standard

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The dramatic enhance of payday lender storefronts in Texas has kept some Christians wondering simple tips to react. Can the church offer solutions?

“Payday loans perpetuate US poverty,” said Bill Tillman, T. B. Maston Professor of Christian Ethics at Logsdon class of Theology in Abilene. We are not in this world to make all we can, but we’re in this world to serve others“If we take Christianity seriously. The authenticity of our relationship to Jesus is based on the way we treat other folks.”

Payday advances are small-dollar loans with a high solution charges and interest levels that provide immediate cash without any credit check. These loans, frequently $300 to $500, are guaranteed having a checking that is personal and something cost. Frequently, borrowers spend $20 or maybe more for virtually any $100 lent. In the event that loan isn’t compensated in complete within 2 to 3 months, then your debtor will pay another solution cost and roll throughout the loan.

A current study carried out by Texas Appleseed, an advocacy team for low- earnings families, discovered many pay day loan borrowers roll over loans at least one time, and lots of people roll them over numerous times.

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