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 you buy a Hebrew slave, he shall serve for six years; but on the seventh he shall go out as a free man without payment.
"If you lend money to My people, to the poor among you, you are not to act as a creditor to him; you shall not charge him interest. "If you ever take your neighbor's cloak as a pledge, you are to return it to him before the sun sets, read more. for that is his only covering; it is his cloak for his body. What else shall he sleep in? And it shall come about that when he cries out to Me, I will hear him, for I am gracious.
'Now in case a countryman of yours becomes poor and his means with regard to you falter, then you are to sustain him, like a stranger or a sojourner, that he may live with you. 'Do not take usurious interest from him, but revere your God, that your countryman may live with you. read more. 'You shall not give him your silver at interest, nor your food for gain. 'I am the LORD your God, who brought you out of the land of Egypt to give you the land of Canaan and to be your God. 'If a countryman of yours becomes so poor with regard to you that he sells himself to you, you shall not subject him to a slave's service.
'For they are My servants whom I brought out from the land of Egypt; they are not to be sold in a slave sale.
'As for your male and female slaves whom you may have--you may acquire male and female slaves from the pagan nations that are around you. 'Then, too, it is out of the sons of the sojourners who live as aliens among you that you may gain acquisition, and out of their families who are with you, whom they will have produced in your land; they also may become your possession. read more. 'You may even bequeath them to your sons after you, to receive as a possession; you can use them as permanent slaves. But in respect to your countrymen, the sons of Israel, you shall not rule with severity over one another. 'Now if the means of a stranger or of a sojourner with you becomes sufficient, and a countryman of yours becomes so poor with regard to him as to sell himself to a stranger who is sojourning with you, or to the descendants of a stranger's family, then he shall have redemption right after he has been sold. One of his brothers may redeem him, or his uncle, or his uncle's son, may redeem him, or one of his blood relatives from his family may redeem him; or if he prospers, he may redeem himself. 'He then with his purchaser shall calculate from the year when he sold himself to him up to the year of jubilee; and the price of his sale shall correspond to the number of years. It is like the days of a hired man that he shall be with him. 'If there are still many years, he shall refund part of his purchase price in proportion to them for his own redemption; and if few years remain until the year of jubilee, he shall so calculate with him. In proportion to his years he is to refund the amount for his redemption. 'Like a man hired year by year he shall be with him; he shall not rule over him with severity in your sight. 'Even if he is not redeemed by these means, he shall still go out in the year of jubilee, he and his sons with him.
"You shall not charge interest to your countrymen: interest on money, food, or anything that may be loaned at interest. "You may charge interest to a foreigner, but to your countrymen you shall not charge interest, so that the LORD your God may bless you in all that you undertake in the land which you are about to enter to possess.
"When you make your neighbor a loan of any sort, you shall not enter his house to take his pledge. "You shall remain outside, and the man to whom you make the loan shall bring the pledge out to you. read more. "If he is a poor man, you shall not sleep with his pledge. "When the sun goes down you shall surely return the pledge to him, that he may sleep in his cloak and bless you; and it will be righteousness for you before the LORD your God.
"You shall not pervert the justice due an alien or an orphan, nor take a widow's garment in pledge.
He does not put out his money at interest, Nor does he take a bribe against the innocent He who does these things will never be shaken.
My son, if you have become surety for your neighbor, Have given a pledge for a stranger,
He who is guarantor for a stranger will surely suffer for it, But he who hates being a guarantor is secure.
A man lacking in sense pledges And becomes guarantor in the presence of his neighbor.
Take his garment when he becomes surety for a stranger; And for foreigners, hold him in pledge.
Take his garment when he becomes surety for a stranger; And for an adulterous woman hold him in pledge.
Woe to me, my mother, that you have borne me As a man of strife and a man of contention to all the land! I have not lent, nor have men lent money to me, Yet everyone curses 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 you buy a Hebrew slave, he shall serve for six years; but on the seventh he shall go out as a free man without payment.
"If you ever take your neighbor's cloak as a pledge, you are to return it to him before the sun sets, for that is his only covering; it is his cloak for his body. What else shall he sleep in? And it shall come about that when he cries out to Me, I will hear him, for I am gracious.
'If a countryman of yours becomes so poor with regard to you that he sells himself to you, you shall not subject him to a slave's service. 'He shall be with you as a hired man, as if he were a sojourner; he shall serve with you until the year of jubilee. read more. 'He shall then go out from you, he and his sons with him, and shall go back to his family, that he may return to the property of his forefathers. 'For they are My servants whom I brought out from the land of Egypt; they are not to be sold in a slave sale. 'You shall not rule over him with severity, but are to revere your God. 'As for your male and female slaves whom you may have--you may acquire male and female slaves from the pagan nations that are around you. 'Then, too, it is out of the sons of the sojourners who live as aliens among you that you may gain acquisition, and out of their families who are with you, whom they will have produced in your land; they also may become your possession. 'You may even bequeath them to your sons after you, to receive as a possession; you can use them as permanent slaves. But in respect to your countrymen, the sons of Israel, you shall not rule with severity over one another. 'Now if the means of a stranger or of a sojourner with you becomes sufficient, and a countryman of yours becomes so poor with regard to him as to sell himself to a stranger who is sojourning with you, or to the descendants of a stranger's family, then he shall have redemption right after he has been sold. One of his brothers may redeem him, or his uncle, or his uncle's son, may redeem him, or one of his blood relatives from his family may redeem him; or if he prospers, he may redeem himself. 'He then with his purchaser shall calculate from the year when he sold himself to him up to the year of jubilee; and the price of his sale shall correspond to the number of years. It is like the days of a hired man that he shall be with him. 'If there are still many years, he shall refund part of his purchase price in proportion to them for his own redemption; and if few years remain until the year of jubilee, he shall so calculate with him. In proportion to his years he is to refund the amount for his redemption. 'Like a man hired year by year he shall be with him; he shall not rule over him with severity in your sight. 'Even if he is not redeemed by these means, he shall still go out in the year of jubilee, he and his sons with him. 'For the sons of Israel are My servants; they are My servants whom I brought out from the land of Egypt. I am the LORD your God.
"If your kinsman, a Hebrew man or woman, is sold to you, then he shall serve you six years, but in the seventh year you shall set him free. "When you set him free, you shall not send him away empty-handed. read more. "You shall furnish him liberally from your flock and from your threshing floor and from your wine vat; you shall give to him as the LORD your God has blessed you. "You shall remember that you were a slave in the land of Egypt, and the LORD your God redeemed you; therefore I command you this today. "It shall come about if he says to you, 'I will not go out from you,' because he loves you and your household, since he fares well with you; then you shall take an awl and pierce it through his ear into the door, and he shall be your servant forever. Also you shall do likewise to your maidservant. "It shall not seem hard to you when you set him free, for he has given you six years with double the service of a hired man; so the LORD your God will bless you in whatever you do.
"No one shall take a handmill or an upper millstone in pledge, for he would be taking a life in pledge.
"When you make your neighbor a loan of any sort, you shall not enter his house to take his pledge. "You shall remain outside, and the man to whom you make the loan shall bring the pledge out to you. read more. "If he is a poor man, you shall not sleep with his pledge. "When the sun goes down you shall surely return the pledge to him, that he may sleep in his cloak and bless you; and it will be righteousness for you before the LORD your God.
"You shall not pervert the justice due an alien or an orphan, nor take a widow's garment in pledge.
Now a certain woman of the wives of the sons of the prophets cried out to Elisha, "Your servant my husband is dead, and you know that your servant feared the LORD; and the creditor has come to take my two children to be his slaves."
If you have nothing with which to pay, Why should he take your bed from under you?
Thus says the LORD, "Where is the certificate of divorce By which I have sent your mother away? Or to whom of My creditors did I sell you? Behold, you were sold for your iniquities, And for your transgressions your mother was sent away.
For thus says the LORD, "You were sold for nothing and you will be redeemed without money."
"Truly I say to you, you will not come out of there until you have paid up the last cent.
"And his lord, moved with anger, handed him over to the torturers until he should repay all that was owed him.
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 you buy a Hebrew slave, he shall serve for six years; but on the seventh he shall go out as a free man without payment.
"If you lend money to My people, to the poor among you, you are not to act as a creditor to him; you shall not charge him interest.
'Now in case a countryman of yours becomes poor and his means with regard to you falter, then you are to sustain him, like a stranger or a sojourner, that he may live with you.
'You shall not give him your silver at interest, nor your food for gain.
'If a countryman of yours becomes so poor with regard to you that he sells himself to you, you shall not subject him to a slave's service.
'For they are My servants whom I brought out from the land of Egypt; they are not to be sold in a slave sale.
"Beware that there is no base thought in your heart, saying, 'The seventh year, the year of remission, is near,' and your eye is hostile toward your poor brother, and you give him nothing; then he may cry to the LORD against you, and it will be a sin in you.
Now there was a great outcry of the people and of their wives against their Jewish brothers.
I also shook out the front of my garment and said, "Thus may God shake out every man from his house and from his possessions who does not fulfill this promise; even thus may he be shaken out and emptied " And all the assembly said, "Amen!" And they praised the LORD. Then the people did according to this promise.
He does not put out his money at interest, Nor does he take a bribe against the innocent He who does these things will never be shaken.
My son, if you have become surety for your neighbor, Have given a pledge for a stranger,
He who is guarantor for a stranger will surely suffer for it, But he who hates being a guarantor is secure.
A man lacking in sense pledges And becomes guarantor in the presence of his neighbor.
Take his garment when he becomes surety for a stranger; And for foreigners, hold him in pledge.
Do not be among those who give pledges, Among those who become guarantors for debts.
Woe to me, my mother, that you have borne me As a man of strife and a man of contention to all the land! I have not lent, nor have men lent money to me, Yet everyone curses me.