Christians on usury

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  • Created by: Lina
  • Created on: 04-04-14 15:18

Christians on usury

Advantages

  • Defend loans- a way of charities providing loans to poor communities sustainably because of some interest-> can continue to give our loans for longer-> loan interest benefits everyone
  • Aquinas allows charges for actual services provided, e.g. bank services
  • The NT doesn't forbid charging interest- contains references to usury in the story of the Parable of the 10 minas, but it's unclear if Jesus is saying that usury is wrong- not forbidden by him

Disadvantages

  • Charging interest is borbidden by the OT:                                 -Exodus 22:25- If you lend money to the one of my people among you who are needy, do not treat it as a business deal, charge no interest                                                                      -Leviticus 22:37- You must not lend money at interest or sell them food at a profit
  • Aquinas quotes Aristotle as saying that "to live by usury is exceedingly unnatural"
  • Not charging interest teaches a spiritual lesson. In ancient Israel the Law prohibited usury on a category of loans- those made to the poor (Leviticus 22:37)
  • The law had 2 implications:                                                         1) Helped the poor by not making the situation worse                 2) For a lender to forego interest- act of mercy. A tangible way of expressing gratitude to God for His mercy in not charging people "interest" for the grace he extended by bringing Israelites out of Egypt when were penniless slaves and had given them land of their own+ expected them to give/ express similar kindness to their own poor citizens
  • Unreasonable and irrational- St. Anselm (the 1st of the scholastics) led the shift in thought that charging interest is theft
  • St. Thomas Aquinas (leading theologian of the RC Church): 1) Wrong- "double-charging" for both the thing and its use. Bottle of wind example. 2) To sell for the time that the money is in the hands of the borrower-> no one can sell time

Evaluation

I believe that usury is acceptable as long as the interest rates aren't too high+ the money is used wisely

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