The other day I saw a television ad offering $5,000 quick loans. They admit in the ad the interest rates are high but say that the loan is quick and easy to receive. They say that they are there to help break the cycle of payday loans. Are they? The interest rate….116% with monthly payments of $486.56 spread out over 84 months. People are being enticed (seduced?) to sell their souls like a crack addict going after a quick fix.
Yes people are free will agents, but how many people fully understand the legal terms of contracts we have signed? If I take the position that it is right for people who are foolish to take such loans to pay the price, then what does that say about the biblical justice principle for protecting the vulnerable in our society from narcissistic manipulators and predators, as well as its statements about usury? Are we not legalizing a form of theft?
Every part of my being decries such loans and wonders why there is not a national cry for justice.
Reflective Wanderings - Reflections on various topics that arise out of my personal, life and professional experiences. There are also are some family related news, travels and pictures.
1 comment:
116%? That's crazy. That's just wrong.
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