BuckeyeBlog

During the debate over payday lending, there have been quite a few people who condemn it as “usury.” For instance, this recent letter to the editor in the Toledo Blade accuses payday lenders of committing usury, “which is prohibited by the Lord” (although it seems at least one Christian group takes an opposite view of payday lending).

I decided to actually look into the issue of what the Bible says about usury and found that usury does not mean excessive interest; it means all interest. You can’t condemn payday lending as usury without also condemning all lending of money at interest (including your savings account). Read my article on the subject here.

Tags: payday lending, Regulation, usury

This entry was posted on Tuesday, October 7th, 2008 at 9:15 am and is filed under Economic Freedom. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.