Verses in the Bible about Loans

[Angeldove97]

Hello Everyone!
I'm doing this as a favor for my Non-denominational boyfriend (who's Scorcher505 at this site). His Mother, who's a Christian, is claiming that it is against the Bible to allow herself to sign the loan paper for my boyfriend's college loan. I did a search on loans in the Bible and did not come up with anything saying that but I was wondering if anybody knew what she may be talking about.

I don't want to start this topic to show his Mother (who's a very sweet Lady) that she's wrong instead I'd like to show her what the Bible does say on loans (we're never too old to learn new things). :idea:

Thank you for your input and God bless you! :hug:
~Tatiana

[EdmundBlackadderTheThird]

The admonition she is talking about was a restriction on loans to Jews by Jews. It did not deal with the outside world and is in fact part of the Old Law to which we are no linger subject since Christ has set us free.

[Angeldove97]

Thank you Brother. Would you be able to provide a verse for me in which this is located in the Old Testament?

I agree that since it's the Old Law so we are not bound by it but it would be nice to know for reference. Thank you.

[Kelly]

The bible has several references to proper lending. Basically don't screw people over on interest (http://www.biblegateway.com/passage/?search=Exodus%2022:25-27;%20Leviticus%2025:35-37;%20Deuteronomy%2015:1-11;23:19,20;).

Like others have said this is Mosaic / Levitical law stuff, though

[billytk1]

also search for borrower/lender

[Angeldove97]

Thank you all for the help! I sent that link to Sean and I'm sure he'll help. He's upset that his Mom used the Bible to show him he's wrong to want her to do something, but he just wants to show her she was misquoting the Bible about what it says on this subject.

Bless you all! ^_^

[prophecystudent]

As I understand your OP, the question would seem to be more about co-signing for a loan than for lending or borrowing.

There is a difference between co-signing and borrowing. In essence if the mother co-signs she is agreeing that she will pay if the son does not. Not quite the same thing as borrowing.

The biblical prohibition about lending/borrowing has to do with charging excess interest, or usury.

It might help to point out the difference between borrowing and co-signing.

If I misunderstood your question, sorry.

Fred

[Diven]

This May be where she is getting her idea about not signing the student loan papers.


Proverbs 22:26,27

26 Do not be a man who strikes hands in pledge
or puts up security for debts;
27 if you lack the means to pay,
your very bed will be snatched from under you.


co-signing = putting up security for debts.
There are other proverbs relating 6:1, 11:15, 17:18, 20:16, 27:13

Of importance proverbs is a book of wisdom, I personally see this as more relating to strangers and neighbors. If his mother is in a position where she would not be able to take over the loan if he can't make the payments, then perhaps she shouldn't sign the payments.

I don't think parents in Canada need to co-sign the loan, they just sign for the accuracy of their financial situation to prove that there is actually need for the loan, but I could be wrong.

Anyway proverbs doesn't equal law, so its not forbidden. And I'm pretty sure under that time putting up security for a family member was about equivalent to putting up security for yourself. She should be willing to take a loss for the sake of her son, unless a) she can't handle the burden of that loss, or b) her son, your boyfriend has a history of not paying back loans.

[oliveplants]

POst 8 actually had some Bible!
Here's some more:

Deut 15: 6. For the Lord thy God blesseth thee, as he promised thee: and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee.

(more of a promise than a command) same thing in 28:12.

Psalm 37:21. The wicked borroweth, and payeth not again: but the righteous sheweth mercy, and giveth.

Proverbs 22:7. The rich ruleth over the poor, and the borrower is servant to the lender.

Hope this helps with her viewpoint.

[Angeldove97]

Thank you for the posts. I was going to ask about a Proverbs verse but someone has already mentioned it.

Situation didn't turn out too bad or too good. Please pray for Sean if you have a moment. God bless ^_^

[Daniels]

Deut 28:12 The LORD shall open unto thee his good treasure, the heaven to
give the rain unto thy land in his season, and to bless all the work
of thine hand: and thou shalt lend unto many nations, and thou
shalt not borrow.

[christandisrael]

Where you find that? I don't see that anywhere.