Money lenders - a surprise to me

[katiej]

Well done, Cindy.

But I'll play devil's advocate a bit here.  Banks give loans to people that are low credit risks.  People who use these sort of places are high credit risks, so they don't have other options.  And so although it's a terrible deal, these payday loan places are offering a service to risky people who wouldn't otherwise have options -- and likely because they've made poor decisions about money in the past.

But charging 10% to cash a check is going too far.  In the US the issuing bank will cash it for free...does it not work like that in other countries?

loan sharks have probably always existed, and the only ones i know that have forbidden it, are the muslims.

Judaism forbids what it calls usury -- charging unfair amounts of interest for loans.  So technically Christianity should be against it as well.

Exodus 22:25 — If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest.

[Gina Taylor]

Welcome to Australia 2014.

And good on you Cindy, what a lovely thing to do!

I second that! Very nice gesture Cindy. 

[Rachel]

Cindy, well done.

[AnneB]

BTW I gave her $100 and told her I found it on the floor. I didn't buy any DVDs.

Just made me cry, Cindy.  A HUGE hug for you sis! 

[Taka]

Judaism forbids what it calls usury -- charging unfair amounts of interest for loans.  So technically Christianity should be against it as well.

Exodus 22:25 — If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest.

note that "one of my people". it's only forbidden to take interest from other israelites. which is why they could be money lenders in europe, even when the pope forbade christians from taking interest as he meant it was a sin.

seems like i was a little wrong though. seems like the english king once forbade interest, but that probably didn't last too long.

[Seras]

Islamic countries also do loans where a fee is payable. Just they frame them differently. Have been doing so for hundreds of years.

Just because these people are "high risk" doesn't mean they should have to pay >1000%apr interest rates and the like that many pay day loan companies operate with. It is still immoral and is solely to take advantage of people. People should use credit unions but lots of people don't even know about them since they are non-profit generally they do not throw ads all over the place with your money.