usury (n.) c. 1300, "practice of lending money at interest," later, at excessive rates of interest, from Medieval Latin usuria, alteration of Latin usura "payment for the use of money, interest," literally "a usage, use, enjoyment," from usus, from stem of uti (see use (v.)).
- Where does the word usury come from?
- What is the full meaning of usury?
- When was the word usury first used?
- What is the history of usury?
Where does the word usury come from?
Etymology. From Middle English usurie, from Latin ūsūria, from ūsūra (“lending at interest, usury”) from ūsus (“use”), from stem of ūtī (“to use”). Compare usurp and use.
What is the full meaning of usury?
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. Usury first became common in England under King Henry VIII and originally pertained to charging any amount of interest on loaned funds.
When was the word usury first used?
During the Fifth Lateran Council, in the 10th session (in the year 1515), the Council for the first time gave a definition of usury: For, that is the real meaning of usury: when, from its use, a thing which produces nothing is applied to the acquiring of gain and profit without any work, any expense or any risk.
What is the history of usury?
In Old English law, the taking of any compensation whatsoever was termed usury. With the expansion of trade in the 13th century, however, the demand for credit increased, necessitating a modification in the definition of the term. Usury then was applied to exorbitant or unconscionable interest rates.