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Do good, and suppress the evils of predatory banking, pay day loans

Tuesday, December 8th, 2020

Do good, and suppress the evils of predatory banking, pay day loans

Recently Pope Francis weighed in on usury — the lending of cash at excessive interest levels. “Usury humiliates and kills”, the Pope thought to a group started to oppose its training. It really is, he included, “a historical and unfortunately still concealed evil that, such as a snake, strangles its victims.”

Victims of usury in many cases are the working poor and elderly on fixed incomes whom when confronted with a economic emergency seek a loan that is short-term. Some autumn prey to “loan sharks” who provide at excessive rates of interest and make use of blackmail or threats of violence to gather on the debts. (within the film, Rocky, the protagonist had been a “collector” for a financial loan shark in the community before his boxing job took down.) These methods are, needless to say, unlawful. Nevertheless, appropriate kinds of usury survive, in a type of predatory banking, called “payday loans.”

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