It Doesn’t Walk Like A Duck, so it Definitely is Not Usury
June 27, 2008 | industry critics | Comments (0)
In his latest column, Lawrence Myers debunks allegations of usury, an excerpt:
One of the favorite claims of payday lending opponents is that payday loans are “usurious”. We often see this claim made by the ignorant, though well-meaning, members of various “Interfaith Coalitions”. The religious groups just love to band together to attack the moneychangers, as if we were somehow still ensconced in Biblical times.
Well, it’s the 21st century now, folks. Time to clue in. Payday loans aren’t usury, whether you define it with a standard secular dictionary or even pull from Scripture.
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