On Welendus.com you can charge 0.8% interest per day which is 24% interest a month and the investment goes to anonymous people. So potentially if I lend £500 generally I would get back £120 interest.This seems extreme at first, but the lending arount is actually split to a maximum of 10% per person. So it’s not £120 from one person but from 10 people or more as a whole.
This means in reality I’ll really only be lending £50(10%) or less to any individual person and the interest received in a month will only be £12 per each person or less.
Is this immoral when divided as such and so small? I’ve not done it and am awaiting advice. I get that a person lending all that money to one person or who’s investing a lot would appear to be doing something gravely immoral. But in these circumstances would it be immoral as it is such a small amount?
What about if the amount borrowed was reduced significantly lower but the percent was still the same? ie still 0.8% a day to one person (24% a month) but that only being £2.40 per person based on lending £10?
Is receiving £2.40 interest from someone a sin merely because of what percentage it is?
The psalm at mass today mentioned something about usary or borrowing without interest I think. Heard that today and only this week just discovered this website. Not sure if that came just on time and would like to have some moral guidance because it seemed from some articles that if not excessive then asking for interest is not intrinsicly wrong