Usury

Usury ( /ˈjuːʒəri/) is defined either as the practice of making loans with excessive or abusive interest rates, or simply the practice of loaning money with interest.

The term may be used in a moral sense — condemning taking advantage of others' misfortunes — or in a legal sense where interest rates may be regulated by law. Historically, some cultures (e.g. Muslims) have regarded charging any interest for loans as sinful and some still do today.

Some of the earliest known condemnations of usury come from the Vedic texts of India. Similar condemnations are found in religious texts from Buddhism, Judaism, Christianity, and Islam (the term is riba in Arabic and ribbit in Hebrew). At times many nations from ancient China to ancient Greece to ancient Rome have outlawed loans with any interest. Though the Roman Empire eventually allowed loans with carefully restricted interest rates, in medieval Europe, the Christian church banned the charging of interest at any rate (as well as charging a fee for the use of money, such as at a bureau de change).

The pivotal change in the English-speaking world seems to have come with the permission to charge interest on lent money: particularly the 1545 act "An Act Against Usurie" (37 H.viii 9) of King Henry VIII of England (see book references).

Read more about Usury:  Historical Meaning