SSC MTS EXAM

Detailed explanation-1: -The 18th century papal prohibition on usury meant that it was a sin to charge interest on a money loan. As set forth by Thomas Aquinas in the 13th century, because money was invented to be an intermediary in exchange for goods, it is unjust to charge a fee to someone after giving them money.

Detailed explanation-2: -"Usury” is the unlawful act of charging interest on a debt (including discount points, fees and other charges) at a rate greater than what is permitted under any applicable law or exemption from a law.

Detailed explanation-3: -Usury is the act of lending money at an interest rate that is considered unreasonably high or that is higher than the rate permitted by law.