Survey: Christians call ‘payday loans’ sinful, key findings

Survey: Christians call ‘payday loans’ sinful, key findings

NASHVILLE (BP) — Self-identified Christians in 30 states — from Alabama to Wyoming — say it is a sin to provide cash to somebody who can’t http://titleloansvirginia.org manage to repay it.

Many want the national federal government to safeguard customers from loans with exorbitant interest. Nevertheless, 1 in 6 Christians has taken down a high-interest cash advance, while number of their other believers discover how such loans work or check out the Bible for guidance about reasonable financing.

Those are on the list of findings of a fresh paid survey of Christians’ views of payday financing from LifeWay Research. The Nashville-based research company surveyed 1,000 self-identified Christians in 30 states, each of which have actually little or no legislation of pay day loans.

Most Christians find payday loans impractical and morally debateable, stated Scott McConnell, vice president of LifeWay Research. Numerous appear unaware the Bible addresses lending practices.

“Ask individuals if billing high interest is incorrect, and they’ll say yes,” McConnell said. “They forget the Bible calls it ‘usury’ and condemns it as sinful.”

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

Among the list of key findings:

— Christians are no strangers to payday advances. Overall, 17 per cent of Christians have taken payday advances — 20 per cent of Protestants and 12 per cent of Catholics. 50 % of African American Christians (49 %) and one fourth of Hispanic Christians (24 per cent) say they’ve taken down a quick payday loan.

— Most think benefiting from borrowers is sinful. But few say payday advances are immoral. Three-quarters (77 %) of Christians state it is sinful to provide cash in means that harms the debtor financially. Additionally they describe pay day loans as “expensive” (62 per cent), “harmful” (37 per cent) and that is“predatory33 per cent). Continue reading “Survey: Christians call ‘payday loans’ sinful, key findings”