Pope John
Usury And Payday Loans – An Unreasonable Comparison
Criticisms from a variety of sources have been constantly thrown at the payday lending industry, but unavoidably these criticisms tend to point back toward a single source: usury. Even with the concept of how a Google search defines usury, “exorbitant or unlawful rate of interest,” lending and the charging of interest very likely predate the creation of the Judeo-Christian Bible and similar monotheistic world religious books. And it is within such books that the staunchest foes of payday lending find their reason for equating payday loans with usury. But as careful examination of both the secular (dictionary) definition of usury and the religious interpretation will show, connecting payday lending and usury is both unreasonable and exorbitant in and of itself.
Know your history – usury and payday lending
While some Judeo-Christian scriptures (such as Exodus 22:25, Ezekiel 22:16-31, Ezekiel 18:8-17) speak toward a ban on usury and charging interest, there are numerous other scriptures that make the distinction that “Hebrews were permitted to make interest-bearing payday loans to non-Jews, but not to fellow Jews.” One commonly misinterpreted Judeo-Christian scripture that relates to interest and usury is Nehemiah 5:9-10. It refers to an entirely different animal because what is being discussed there is undue taxation, instead of interest-bearing loans.
When it came to the business of charging interest, the Renaissance and Protestant Reformation had historically brought about a sensible re-awakening. Religious leaders such as John Calvin, Martin Luther and numerous other luminaries proposed that the only thing that needed regulation was “excessive interest.” By 1461, the business of pawnshops received blessing from Pope Paul II. Thus, interest-bearing loans (from which payday lending is a direct descendant) gained popular approval.
The words ‘excessive’ and ‘unlawful’ continues to pop up
So perhaps a secular assessment is required to show that payday lending and usury are two very different things. The Breitbart blog Big Journalism suggests that because various states in the U.S. set a maximum chargeable fee for payday loans quite specifically, the law is established. So long as payday lenders operate within said laws, they do not fulfill the claim that payday lending is “unlawful” in the usurious sense. In regards to payday lending being “excessive” or “exorbitant,” here another Google search definition of the word “exorbitant”:
“Greatly exceeding bounds of reason or moderation”
Big Journalism asks what defines “reasonable” when it comes to payday lending and usury. Essentially relative it all is. If a potential borrower finds the rate charged on payday loans to be unreasonable, then they will more than likely avoid taking out such loans. If a potential borrower wants to borrow money at what they feel is a reasonable rate, but a lender determines the requested rate unreasonable for their business, then the lender will not assent to the payday loan. The thing that cuts to the very essence of how a free market economy works is an interest rate that is mutually reasonable. A great number of payday lending transactions occur, so that means borrower and lender have been in agreement regarding reasonable interest rates. Payday lending therefore is neither unlawful nor unreasonable, as Big Journalism argues, and it is therefore not an instance of usury.
Returning to Nehemiah 5:9-10
The scripture does not condemn payday lending, where rates are lawful and very reasonable like the example mentioned above. It forbids usury, as do numerous secular laws worldwide. They are distinctly separate concepts. The danger in payday lending is when a borrower uses such loans in an irresponsible manner (for impulse purchases, or taking more than they know they’ll be able to repay by the maturity date). Responsibility falls upon the borrowers to make decisions that best suit their financial situations. To guard both the business and consumer against a ruinous financial situation, the vast majority of payday lenders have income requirements in place. As various studies show that 94 percent of payday loans are repaid on time, the safeguards in place appear to be both lawful and reasonable. It doesn’t take someone with the qualifications of Big Journalism to reason that such is the case.
Pope John Paul II Dies
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