when the WTS makes loans to the congs. what is the interest rate? and why do they charge it. if they do?
when the WTS loans money..
by seeking help 8 Replies latest jw friends
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sir82
The interest rate is 3%.
Why? Because they can. You don't think they would actually deign to give anyone a reason, do you? They are God's mouthpiece! They owe explanations to no one!
My opinion is that it is the most they can charge without appearing too greedy. The US annual inflation rate for the past decade or so has usually been right around 3%, so congregation members can assuage their feelings by thinking "they're just trying to keep up with inflation".
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Wordly Andre
WTF they actually charge interest? To their own?
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sir82
Yeppers.
Send your contributions to the Society, and when you actually need the money yourself for a new Kingdom Hall, they'll loan that money back to you...at 3%.
Oh, and by the way, their altruism knows no bounds! They will cheerfully hold onto to any excess money you have sitting around in a bank account as well. Check out this post from a few months ago:
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tan
I was going to ask for money one time but after hearing that I would have to pay it back. I was told by the elders to see what I could do to get the help first and then come back to them if I still needed it. I was unemployed at the time and needed help with the rent....a single mother mind you.
I went to a church instead who helped without any questions.
Didn't even ask for the money back.
That's Christian love. Unconditional love.
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logic&reason
I have never understood how they can charge interest.
Wait a minute, I just read Deuteronomy 23:19,20 in the NWT:
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"You must not make your brother pay interest greater than 3% annualized, interest on money, interest on food, interest on anything on which one may claim interest. 20 You may make a foreigner pay interest, but your brother you must not make pay interest greater than 3% annualized; in order that Jehovah your God may bless you in every undertaking of yours on the land to which you are going so as to take possession of it.Those translators really knew what they were doing.
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Mysterious
Ah but they will say that was the mosaic law which passed with jesus. Althought they still trot out the old law covenant when they denounce gays. And if they don't call it interest but rather inflation they are not really charging in the minds of some.
I always found all the money mumbo jumbo to be very confusing when I was a witness.
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logic&reason
They are quick to denounce the Mosaic law, until you show up with a tatoo, then they are all about the "Law Code".
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WTWizard
They need some way to continue defending pedophiles in the ranks while putting aside enough so they can launch the Second Dark Ages.