Deuteronomy 23:19-20 says, "You shall not charge interest on loans to another Israelite, interest on money, interest on provisions, interest on anything that is lent. On loans to a foreigner you may charge interest, but on loans to another Israelite you may not charge interest, so that the LORD your God may bless you in all your undertakings in the land that you are about to enter and possess."
For the Christians this could be understood as something which could be practised outside, but not inside, if not for what Jesus says in Luke 6:34-35, " If you lend to those from whom you hope to receive, what credit is that to you? Even sinners lend to sinners, to receive as much again. But love your enemies, do good, and lend, expecting nothing in return."
Since the OT permits Jews to charge interest from the foreigners, non-Jews, this explains why Jews were moneylenders in older times. Early Christians, however, following the teaching of Jesus generally did not endorse charging interest. Things changed centuries later as many Christians came to understand that charging interest was okay as long as exploitative interest rates would not be charged. But how much interest rate is exploitative? In Senapati district, 48% per annum is charged from loan given by Society; and 60% from those given by individuals. In emergency situation, it goes up to 120% to 180% per annuam. I believe such interest rates are just too high, and they are exploitative in nature. I am not sure if charging interest rate is right or not, but even if it is right it should not go beyond 2.5% per month or 30% per annum, the rate set for the micro-finance companies in the country.
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