Reference: Loan
Easton
The Mosaic law required that when an Israelite needed to borrow, what he asked was to be freely lent to him, and no interest was to be charged, although interest might be taken of a foreigner (Ex 22:25; De 23:19-20; Le 25:35-38). At the end of seven years all debts were remitted. Of a foreigner the loan might, however, be exacted. At a later period of the Hebrew commonwealth, when commerce increased, the practice of exacting usury or interest on loans, and of suretiship in the commercial sense, grew up. Yet the exaction of it from a Hebrew was regarded as discreditable (Ps 15:5; Pr 6:1,4; 11:15; 17:18; 20:16; 27:13; Jer 15:10).
Limitations are prescribed by the law to the taking of a pledge from the borrower. The outer garment in which a man slept at night, if taken in pledge, was to be returned before sunset (Ex 22:26-27; De 24:12-13). A widow's garment (De 24:17) and a millstone (6) could not be taken. A creditor could not enter the house to reclaim a pledge, but must remain outside till the borrower brought it (De 24:10-11). The Hebrew debtor could not be retained in bondage longer than the seventh year, or at farthest the year of jubilee (Ex 21:2; Le 25:39,42), but foreign sojourners were to be "bondmen for ever" (Le 25:44-54).
See Verses Found in Dictionary
If thou buy a Hebrew servant, six years he shall serve: and in the seventh he shall go out free for nothing.
If thou lend money to any of my people with thee that is poor, thou shalt not be to him as a creditor; neither shall ye lay upon him interest. If thou at all take thy neighbor's garment to pledge, thou shalt restore it unto him before the sun goeth down: read more. for that is his only covering, it is his garment for his skin: wherein shall he sleep? And it shall come to pass, when he crieth unto me, that I will hear; for I am gracious.
And if thy brother be waxed poor, and his hand fail with thee; then thou shalt uphold him: as a stranger and a sojourner shall he live with thee. Take thou no interest of him or increase, but fear thy God; that thy brother may live with thee. read more. Thou shalt not give him thy money upon interest, nor give him thy victuals for increase. I am Jehovah your God, who brought you forth out of the land of Egypt, to give you the land of Canaan, and to be your God. And if thy brother be waxed poor with thee, and sell himself unto thee; thou shalt not make him to serve as a bond-servant.
For they are my servants, whom I brought forth out of the land of Egypt: they shall not be sold as bondmen.
And as for thy bondmen, and thy bondmaids, whom thou shalt have; of the nations that are round about you, of them shall ye buy bondmen and bondmaids. Moreover of the children of the strangers that sojourn among you, of them shall ye buy, and of their families that are with you, which they have begotten in your land: and they shall be your possession. read more. And ye shall make them an inheritance for your children after you, to hold for a possession; of them shall ye take your bondmen for ever: but over your brethren the children of Israel ye shall not rule, one over another, with rigor. And if a stranger or sojourner with thee be waxed rich, and thy brother be waxed poor beside him, and sell himself unto the stranger or'sojourner with thee, or to the stock of the stranger's family; after that he is sold he may be redeemed: one of his brethren may redeem him; or his uncle, or his uncle's son, may redeem him, or any that is nigh of kin unto him of his family may redeem him; or if he be waxed rich, he may redeem himself. And he shall reckon with him that bought him from the year that he sold himself to him unto the year of jubilee: and the price of his sale shall be according unto the number of years; according to the time of a hired servant shall he be with him. If there be yet many years, according unto them he shall give back the price of his redemption out of the money that he was bought for. And if there remain but few years unto the year of jubilee, then he shall reckon with him; according unto his years shall he give back the price of his redemption. As a servant hired year by year shall he be with him: he shall not rule with rigor over him in thy sight. And if he be not redeemed by these means , then he shall go out in the year of jubilee, he, and his children with him.
Thou shalt not lend upon interest to thy brother; interest of money, interest of victuals, interest of anything that is lent upon interest: unto a foreigner thou mayest lend upon interest; but unto thy brother thou shalt not lend upon interest, that Jehovah thy God may bless thee in all that thou puttest thy hand unto, in the land whither thou goest in to possess it.
When thou dost lend thy neighbor any manner of loan, thou shalt not go into his house to fetch his pledge. Thou shalt stand without, and the man to whom thou dost lend shall bring forth the pledge without unto thee. read more. And if he be a poor man, thou shalt not sleep with his pledge; thou shalt surely restore to him the pledge when the sun goeth down, that he may sleep in his garment, and bless thee: and it shall be righteousness unto thee before Jehovah thy God.
Thou shalt not wrest the justice due to the sojourner, or to the fatherless, nor take the widow's raiment to pledge;
He that putteth not out his money to interest, Nor taketh reward against the innocent. He that doeth these things shall never be moved.
My son, if thou art become surety for thy neighbor, If thou hast stricken thy hands for a stranger;
Give not sleep to thine eyes, Nor slumber to thine eyelids;
He that is surety for a stranger shall smart for it; But he that hateth suretyship is secure.
A man void of understanding striketh hands, And becometh surety in the presence of his neighbor.
Take his garment that is surety for a stranger; And hold him in pledge that is surety for foreigners.
Take his garment that is surety for a stranger; And hold him in pledge that is surety for a foreign woman.
Woe is me, my mother, that thou hast borne me a man of strife and a man of contention to the whole earth! I have not lent, neither have men lent to me; yet every one of them doth curse me.
Fausets
(See USURY.) The merciful character of Moses' law appears in the command not to keep the poor man's outer garment, his covering by night as well as day, after sunset (Ex 22:26-27; De 24:6,10-13,17; compare, however, Pr 22:27). The millstone, including all instruments necessary to life, and a widow's garment, were forbidden to be taken. The creditor must not enter the debtor's house to seize the pledge, but wait for the debtor to bring out an adequate security for payment.
The debtor could be held as a bondman only until the seventh year, i.e. for six years, and not beyond the Jubilee year, whatever his period of service might be (Ex 21:2). Then he must be sent away with a liberal supply of provisions, the prospect of such a gift doubtless stimulating zeal in service (De 15:12-18; Le 25:39-55); his land was to be restored. But foreign slaves might be held in continual servitude (2Ki 4:1; Isa 50:1; 52:3). The Roman or else the oriental law detaining the debtor in prison until he paid the uttermost farthing, and even giving him over to torturers, is alluded to in Mt 5:26; 18:34.
See Verses Found in Dictionary
If thou buy a Hebrew servant, six years he shall serve: and in the seventh he shall go out free for nothing.
If thou at all take thy neighbor's garment to pledge, thou shalt restore it unto him before the sun goeth down: for that is his only covering, it is his garment for his skin: wherein shall he sleep? And it shall come to pass, when he crieth unto me, that I will hear; for I am gracious.
And if thy brother be waxed poor with thee, and sell himself unto thee; thou shalt not make him to serve as a bond-servant. As a hired servant, and as a sojourner, he shall be with thee; he shall serve with thee unto the year of jubilee: read more. then shall he go out from thee, he and his children with him, and shall return unto his own family, and unto the possession of his fathers shall he return. For they are my servants, whom I brought forth out of the land of Egypt: they shall not be sold as bondmen. Thou shalt not rule over him with rigor, but shalt fear thy God. And as for thy bondmen, and thy bondmaids, whom thou shalt have; of the nations that are round about you, of them shall ye buy bondmen and bondmaids. Moreover of the children of the strangers that sojourn among you, of them shall ye buy, and of their families that are with you, which they have begotten in your land: and they shall be your possession. And ye shall make them an inheritance for your children after you, to hold for a possession; of them shall ye take your bondmen for ever: but over your brethren the children of Israel ye shall not rule, one over another, with rigor. And if a stranger or sojourner with thee be waxed rich, and thy brother be waxed poor beside him, and sell himself unto the stranger or'sojourner with thee, or to the stock of the stranger's family; after that he is sold he may be redeemed: one of his brethren may redeem him; or his uncle, or his uncle's son, may redeem him, or any that is nigh of kin unto him of his family may redeem him; or if he be waxed rich, he may redeem himself. And he shall reckon with him that bought him from the year that he sold himself to him unto the year of jubilee: and the price of his sale shall be according unto the number of years; according to the time of a hired servant shall he be with him. If there be yet many years, according unto them he shall give back the price of his redemption out of the money that he was bought for. And if there remain but few years unto the year of jubilee, then he shall reckon with him; according unto his years shall he give back the price of his redemption. As a servant hired year by year shall he be with him: he shall not rule with rigor over him in thy sight. And if he be not redeemed by these means , then he shall go out in the year of jubilee, he, and his children with him. For unto me the children of Israel are servants; they are my servants whom I brought forth out of the land of Egypt: I am Jehovah your God.
If thy brother, a Hebrew man, or a Hebrew woman, be sold unto thee, and serve thee six years; then in the seventh year thou shalt let him go free from thee. And when thou lettest him go free from thee, thou shalt not let him go empty: read more. thou shalt furnish him liberally out of thy flock, and out of thy threshing-floor, and out of thy winepress; as Jehovah thy God hath blessed thee thou shalt give unto him. And thou shalt remember that thou wast a bondman in the land of Egypt, and Jehovah thy God redeemed thee: therefore I command thee this thing to-day. And it shall be, if he say unto thee, I will not go out from thee; because he loveth thee and thy house, because he is well with thee; then thou shalt take an awl, and thrust it through his ear unto the door, and he shall be thy servant for ever. And also unto thy maid-servant thou shalt do likewise. It shall not seem hard unto thee, when thou lettest him go free from thee; for to the double of the hire of a hireling hath he served thee six years: and Jehovah thy God will bless thee in all that thou doest.
No man shall take the mill or the upper millstone to pledge; for he taketh a man's life to pledge.
When thou dost lend thy neighbor any manner of loan, thou shalt not go into his house to fetch his pledge. Thou shalt stand without, and the man to whom thou dost lend shall bring forth the pledge without unto thee. read more. And if he be a poor man, thou shalt not sleep with his pledge; thou shalt surely restore to him the pledge when the sun goeth down, that he may sleep in his garment, and bless thee: and it shall be righteousness unto thee before Jehovah thy God.
Thou shalt not wrest the justice due to the sojourner, or to the fatherless, nor take the widow's raiment to pledge;
Now there cried a certain woman of the wives of the sons of the prophets unto Elisha, saying, Thy servant my husband is dead; and thou knowest that thy servant did fear Jehovah: and the creditor is come to take unto him my two children to be bondmen.
If thou hast not wherewith to pay, Why should he take away thy bed from under thee?
Thus saith Jehovah, Where is the bill of your mother's divorcement, wherewith I have put her away? or which of my creditors is it to whom I have sold you? Behold, for your iniquities were ye sold, and for your transgressions was your mother put away.
For thus saith Jehovah, Ye were sold for nought; and ye shall be redeemed without money.
Verily I say unto thee, thou shalt by no means come out thence, till thou have paid the last farthing.
And his lord was wroth, and delivered him to the tormentors, till he should pay all that was due.
Hastings
Smith
Loan.
The law strictly forbade any interest to be taken for a loan to any poor person, and at first, as it seems, even in the case of a foreigner; but this prohibition was afterward limited to Hebrews only, from whom, of whatever rank, not only was no usury on any pretence to be exacted, but relief to the poor by way of loan was enjoined, and excuses for evading this duty were forbidden.
As commerce increased, the practice of usury, and so also of suretyship, grew up; but the exaction of it from a Hebrew appears to have been regarded to a late period as discreditable.
Ps 15:5; Pr 6:1,4; 11:15; 17:18; 20:16; 22:26; Jer 15:10; Eze 18:13
Systematic breach of the law in this respect was corrected by Nehemiah after the return from captivity.
The money-changers, who had seats and tables in the temple, where traders whose profits arose chiefly from the exchange of money with those who came to pay their annual half-shekel. The Jewish law did not forbid temporary bondage in the case of debtors, but it forbade a Hebrew debtor to be detained as a bondman longer than the seventh year, or at farthest the year of jubilee.
See Verses Found in Dictionary
If thou buy a Hebrew servant, six years he shall serve: and in the seventh he shall go out free for nothing.
If thou lend money to any of my people with thee that is poor, thou shalt not be to him as a creditor; neither shall ye lay upon him interest.
And if thy brother be waxed poor, and his hand fail with thee; then thou shalt uphold him: as a stranger and a sojourner shall he live with thee.
Thou shalt not give him thy money upon interest, nor give him thy victuals for increase.
And if thy brother be waxed poor with thee, and sell himself unto thee; thou shalt not make him to serve as a bond-servant.
For they are my servants, whom I brought forth out of the land of Egypt: they shall not be sold as bondmen.
Beware that there be not a base thought in thy heart, saying, The seventh year, the year of release, is at hand; and thine eye be evil against thy poor brother, and thou give him nought; and he cry unto Jehovah against thee, and it be sin unto thee.
Then there arose a great cry of the people and of their wives against their brethren the Jews.
Also I shook out my lap, and said, So God shake out every man from his house, and from his labor, that performeth not this promise; even thus be he shaken out, and emptied. And all the assembly said, Amen, and praised Jehovah. And the people did according to this promise.
He that putteth not out his money to interest, Nor taketh reward against the innocent. He that doeth these things shall never be moved.
My son, if thou art become surety for thy neighbor, If thou hast stricken thy hands for a stranger;
Give not sleep to thine eyes, Nor slumber to thine eyelids;
He that is surety for a stranger shall smart for it; But he that hateth suretyship is secure.
A man void of understanding striketh hands, And becometh surety in the presence of his neighbor.
Take his garment that is surety for a stranger; And hold him in pledge that is surety for foreigners.
Be thou not one of them that strike hands, Or of them that are sureties for debts.
Woe is me, my mother, that thou hast borne me a man of strife and a man of contention to the whole earth! I have not lent, neither have men lent to me; yet every one of them doth curse me.
hath given forth upon interest, and hath taken increase; shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him.