Would you charge Usury? Is Usury immoral?

[Stravinsk]

Up until the 16th century Usury (charging interest on loans) was prohibited by the Catholic Church. This changed under the De Medici family (a very wealthy banking family) when they supplied 3 popes, one of which was Pope Leo X. Leo issued " inter multiplices" on May 4 1515, which allowed lenders to charge interest to cover expenses.

It is said that the Medici family was "Christian" and identified as such, although it is difficult to see how they became prominent bankers who just happened to supply 3 popes one of which changed 1200 year stance against usury.

Out of curiosity, I looked up the name "De Medici" on Facebook, and most of those so named seem to be wealthy, showing off designer clothes, super expensive meals, automobiles etc...basically what one might expect of a shallow rich materialist.


Anyway, the question is, would you charge interest to someone in need? Do you think this is moral? Was the church in error for 1200 years or was it true to labeling usury as an evil practice?

Not that it needs to be mentioned, but nearly all Western countries have a mighty interest debt for the various ventures their governments have taken over the years. Just this year I myself learned that next year I will be paying for the Covid Scam (the "free" "vaccines" and other related expenditures that the Government borrowed from banks with interest) with new property taxes!

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[Messy]

Up until the 16th century Usury (charging interest on loans) was prohibited by the Catholic Church. This changed under the De Medici family (a very wealthy banking family) when they supplied 3 popes, one of which was Pope Leo X. Leo issued " inter multiplices" on May 4 1515, which allowed lenders to charge interest to cover expenses.

It is said that the Medici family was "Christian" and identified as such, although it is difficult to see how they became prominent bankers who just happened to supply 3 popes one of which changed 1200 year stance against usury.

Out of curiosity, I looked up the name "De Medici" on Facebook, and most of those so named seem to be wealthy, showing off designer clothes, super expensive meals, automobiles etc...basically what one might expect of a shallow rich materialist.


Anyway, the question is, would you charge interest to someone in need? Do you think this is moral? Was the church in error for 1200 years or was it true to labeling usury as an evil practice?

Not that it needs to be mentioned, but nearly all Western countries have a mighty interest debt for the various ventures their governments have taken over the years. Just this year I myself learned that next year I will be paying for the Covid Scam (the "free" "vaccines" and other related expenditures that the Government borrowed from banks with interest) with new property taxes!

I think it's fine for a bank to do, cause noone works for free, but they don't have to ask so insane much. If I help someone who has no cent, I just give.
Oh wait lol. I looked up the word. That is asking insane much. Yes that's immoral. Asking a bit is not. On the other hand I was happy when those weren't forbidden here yet, cause when I needed 200 euro for a month I could always go to Cashper. Cashper would ask 25 euro to borrow 100 for a month. Insane. But the rest wouldn't help me, so I was happy with Cashper. Cashper is now forbidden to work here.
Cashper is part of a Malta-based bank, the Novum Bank.

 

[tango]

The trouble with terms like "usury" as opposed to regular interest is that things become a question of degree.

Is it reasonable to charge someone 6% annual interest on a $10,000 loan with a 5-year term? Most people would think so.

What about charging someone 4296% APY on a loan? People look at figures like that in disgust but if you're talking about a $100 loan for two weeks a basic arrangement fee, calculated on an annualised basis, turns into some crazy large APY even without charging any interest at all. The two loans are so different it's meaningless to compare them.

People would typically see a four-figure APY and call it usury but if you present it as a $5 arrangement fee and $2 in interest it doesn't sound so bad. Even with $7 in interest and fees it's not exactly a high profit venture making the loan and yet from the annualised interest rate people are quick to howl about usury.

Claiming the high interest rates charged for very short term loans are outrageous makes no more sense than going to the airport, parking in the short-stay parking that charges $8/hour and then complaining about being expected to pay $2,688 when you return from two weeks in the sun. The long-stay parking and short-stay parking serve different purposes.