Jehovah, as the sole proprietor of the land occupied by the Jews, required them, as one condition of its use, to grant liberal loans to their poor brethren; and every seven years, the outstanding loans were to become gifts, and could not be reclaimed. If a pledge was taken on making a loan, it must be done with mercy and under certain benevolent restrictions, Ex 22:25,27; De 15:1-11; 23:19-20; 24:6,10-13,17. The great truth so prominent in this and similar features of the Mosaic laws, ought to be restored to its fundamental place in our theories of property; and no one who believes in God should act as the owner, but only as the steward of what he possesses, all of which he is to use as required by its great Owner. In the same spirit, our Savior enjoins the duty of loaning freely, even to enemies, and without hope of reward, Lu 6:34-35.
"If you lend money to any of my people who are needy among you, do not be like a moneylender to him; do not charge him interest.
for it is his only covering -- it is his garment for his body. What else can he sleep in? And when he cries out to me, I will hear, for I am gracious.
At the end of every seven years you must declare a cancellation of debts. This is the nature of the cancellation: Every creditor must remit what he has loaned to another person; he must not force payment from his fellow Israelite, for it is to be recognized as "the Lord's cancellation of debts." read more. You may exact payment from a foreigner, but whatever your fellow Israelite owes you, you must remit. However, there should not be any poor among you, for the Lord will surely bless you in the land that he is giving you as an inheritance, if you carefully obey him by keeping all these commandments that I am giving you today. For the Lord your God will bless you just as he has promised; you will lend to many nations but will not borrow from any, and you will rule over many nations but they will not rule over you. If a fellow Israelite from one of your villages in the land that the Lord your God is giving you should be poor, you must not harden your heart or be insensitive to his impoverished condition. Instead, you must be sure to open your hand to him and generously lend him whatever he needs. Be careful lest you entertain the wicked thought that the seventh year, the year of cancellation of debts, has almost arrived, and your attitude be wrong toward your impoverished fellow Israelite and you do not lend him anything; he will cry out to the Lord against you and you will be regarded as having sinned. You must by all means lend to him and not be upset by doing it, for because of this the Lord your God will bless you in all your work and in everything you attempt. There will never cease to be some poor people in the land; therefore, I am commanding you to make sure you open your hand to your fellow Israelites who are needy and poor in your land.
You must not charge interest on a loan to your fellow Israelite, whether on money, food, or anything else that has been loaned with interest. You may lend with interest to a foreigner, but not to your fellow Israelite; if you keep this command the Lord your God will bless you in all you undertake in the land you are about to enter to possess.
One must not take either lower or upper millstones as security on a loan, for that is like taking a life itself as security.
When you make any kind of loan to your neighbor, you may not go into his house to claim what he is offering as security. You must stand outside and the person to whom you are making the loan will bring out to you what he is offering as security. read more. If the person is poor you may not use what he gives you as security for a covering. You must by all means return to him at sunset the item he gave you as security so that he may sleep in his outer garment and bless you for it; it will be considered a just deed by the Lord your God.
You must not pervert justice due a resident foreigner or an orphan, or take a widow's garment as security for a loan.
And if you lend to those from whom you hope to be repaid, what credit is that to you? Even sinners lend to sinners, so that they may be repaid in full. But love your enemies, and do good, and lend, expecting nothing back. Then your reward will be great, and you will be sons of the Most High, because he is kind to ungrateful and evil people.