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The Comparison Between Interest And Usury

1033 words - 5 pages

THE COMPARISON OF INTEREST AND USURY
Interest is the money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt, as stated in Oxford Dictionaries. This is means as it is increase in money paid back for the loan or the money that we borrow from creditor in the monthly payment at certain rates. As for the example when our business borrows money from creditor, they commonly will charge us interest. The interest rate is determined by developing the loan contract with certain regulations that a creditor must followed. However, he has committed usury if charged on interest rate higher than the rate allowed by law or regulations. Usually ...view middle of the document...

Interest is like productive loan as the customer or investment seeks capital to start a business. Bank will get profit as well as customer to get loan in reasonable rate in order to fulfill their needs, while usury is more on consumption loan. The consumption which means the seeks daily use such as the costs of accomodation, foods, stationery, and clothing (for the poor).
The borrower of money at bank that paid interest exposed to the concept profit and loss. If they paid within maturity date, the interest is flat and as for credit card, there are free of interest if paid within specific time that the bank offered. As for usury, debtor will not retain anything from the creditor even though he gets to utilize money in the first place. The debtor is required to pay back more than principal. There is no value added in usury based transaction. The creditor always gain at the debtor at all cost. It is confirmed gain on the part of creditor.
It is noted that if usury is permitted, the rich people would prefer to put their money in an usurious loan rather than invest in something else like agriculture as it will gains and generate returns (money) more. If they invest in agriculture, then the poor and only the poor would do the farming and they did not have the tools to do that. Is is much better than the poor had to make loan from the creditor and if they fail, they will faced the usury (increase paid back from the principal) that have committed by the creditor. As for interest, it is how the bank get profit. If not, how come their get the profit in order to pay the salary of workers, the services, facilities and the development of the bank itself. Nothing is free when making business or gives loan but it must to follow the limit of interest.
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