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 manage to repay it.

Many want the federal federal government to guard customers from loans with exorbitant interest. Nevertheless, 1 in 6 Christians has taken down a payday that is high-interest, while number of their other believers discover how such loans work or aim to the Bible for guidance about reasonable lending.

Those are among the findings of a unique paid survey of Christians’ views of payday financing from LifeWay Research. The Nashville-based research firm surveyed 1,000 self-identified Christians in 30 states, each of which have actually little or no regulation of payday advances.

Most Christians find payday loans not practical and morally debateable, stated Scott McConnell, vice president of LifeWay Research. Numerous seem unaware the Bible addresses lending practices.

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

The study, carried out Feb. 5-17, had been sponsored by Faith for only Lending, a national coalition of diverse and faith that is nonpartisan in opposition to predatory loans.

Among the list of key findings:

— Christians are not any strangers to payday advances. 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 per cent) say they’ve taken down an online payday loan. Continue reading “Survey: Christians call ‘payday loans’ sinful, key findings”