Christians have often read Old Testament that speak about borrowing money with interest. The KJV calls this usery. And some people have thus concluded that borrowing and lending is wrong. But a closer look reveals that the Scriptures are speaking of taking advantage of the poor (Exodus 22:25, Leviticus 25:35-37, Nehemiah 5:7-10, Luke 6:34). Some passages regulate borrowing (Deuteronomy 24:10). There was no outright prohibition of loaning money in the OT. Some verses speak well of those who give loans (Psalm 112:5, 36:26). Romans 13:6-8 is not discouraging borrowing but encourage us to pay back what we have borrowed.
Sometimes borrowing is unwise (Proverbs 22:7, Deuteronomy 28:12, Psalm 37:21). Jesus even approved of lending, but not to enslave the poor. He talked of lending money to the bank so they could invest it and give you a return (Luke 19:23). This activity is unique among human beings and sets us apart from animals.
Lending is the giving of temporary control of property but not giving ownership.
In regards to control you have many choices. You can lend your car and go with the person while they run their errand...or you can lend it without restriction for a day.
In regards to lending you have control over the amount. You can lend a small item or a large item.
In regards to lending you have control over the risk you want to take. Lending things to a friend is different than lending things to a stranger.
Lending items gives you the ability to multiple the usefulness of the item. Rental agencies are an example of this. You can fly into the city and rent a car without having to own it. And that agency can loan it out to hundreds of people. Hotels work this way too. It allows wealth to be used to meet the needs of many people without them having to incur the full cost of the item they are borrowing. Borrowing money works in this same way. You end up paying a rental fee (interest) while you use another person's money. Borrowing allows you to begin to use an item right away verses saving many years before you could ever have that item (like a home).
There are temptations to sin that come with borrowing money. People often borrow for things the don't need or can't afford. Lender will sometimes lend to people who don't qualify and have no intent to pay back. The wicked borrows but does not pay back (Psalm 37:21).
God keeps His word. Failing to pay back loans is not keeping your word. You glorify God when you keep your word.
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