ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, conducted a new survey asking readers, "Should Christians get unsecured loans?" According to the poll results of 292 surveyed, 133 said "no" and many based their comments on what the Bible says about borrowing. "The Word of God says we are to owe no man anything." One of the points made worthy of mentioning is the fact that these types of cash advances usually involve an exorbitant amount of interest. (http://www.christianet.com/personalloans/)
Ninety-seven surveyed said that they were unsure about it and didn't understand what it is. Unsecured loans are usually given to someone based solely on their word to pay it back. A secured loan is when there is collateral to help ensure repayment such as a house or car. Those that seemed to understand suggested that if it was a small amount and short-term it might be okay but a large or long-term agreement could involve more variables for future concerns. The longer the period to repay means more interest as well.
Sixty-two participants said "yes" to cash advances and unsecured loans. One concerned respondent said, "As long as they pay it back in the agreed time." One of the major considerations with cash advances is the interest and late fees charged. Like credit card debt if one is unable to make the regular monthly payment, other charges are usually added onto the debt and it is hard to ever get caught up when this happens. One suggestion made by a respondent was to try borrowing money from parents and be trustworthy to pay it back.
This survey suggests that Christians should give careful consideration and prayer to borrowing money. The majority of those who participated felt that God's children should never become indebted to others. "Under normal circumstances, Christians should practice self-control in spending as well as other areas of their lives." However, many of those polled also said sometimes there are extenuating circumstances and emergencies that lead Christians to look for financial assistance. One respondent suggests doing some research when this happens to find the best options. For more information, visit: http://www.christianet.com/articles/
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