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 servant, he is to serve you for six years, but in the seventh year he will go out free without paying anything.
"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. If you do take the garment of your neighbor in pledge, you must return it to him by the time the sun goes down, read more. 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.
"'If your brother becomes impoverished and is indebted to you, you must support him; he must live with you like a foreign resident. Do not take interest or profit from him, but you must fear your God and your brother must live with you. read more. You must not lend him your money at interest and you must not sell him food for profit. I am the Lord your God who brought you out from the land of Egypt to give you the land of Canaan -- to be your God. "'If your brother becomes impoverished with regard to you so that he sells himself to you, you must not subject him to slave service.
Since they are my servants whom I brought out from the land of Egypt, they must not be sold in a slave sale.
"'As for your male and female slaves who may belong to you -- you may buy male and female slaves from the nations all around you. Also you may buy slaves from the children of the foreigners who reside with you, and from their families that are with you, whom they have fathered in your land, they may become your property. read more. You may give them as inheritance to your children after you to possess as property. You may enslave them perpetually. However, as for your brothers the Israelites, no man may rule over his brother harshly. "'If a resident foreigner who is with you prospers and your brother becomes impoverished with regard to him so that he sells himself to a resident foreigner who is with you or to a member of a foreigner's family, after he has sold himself he retains a right of redemption. One of his brothers may redeem him, or his uncle or his cousin may redeem him, or anyone of the rest of his blood relatives -- his family -- may redeem him, or if he prospers he may redeem himself. He must calculate with the one who bought him the number of years from the year he sold himself to him until the jubilee year, and the cost of his sale must correspond to the number of years, according to the rate of wages a hired worker would have earned while with him. If there are still many years, in keeping with them he must refund most of the cost of his purchase for his redemption, but if only a few years remain until the jubilee, he must calculate for himself in keeping with the remaining years and refund it for his redemption. He must be with the one who bought him like a yearly hired worker. The one who bought him must not rule over him harshly in your sight. If, however, he is not redeemed in these ways, he must go free in the jubilee year, he and his children with him,
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.
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.
He does not charge interest when he lends his money. He does not take bribes to testify against the innocent. The one who lives like this will never be upended.
My child, if you have made a pledge for your neighbor, and have become a guarantor for a stranger,
Permit no sleep to your eyes or slumber to your eyelids.
The one who puts up security for a stranger will surely have trouble, but whoever avoids shaking hands will be secure.
The one who lacks wisdom strikes hands in pledge, and puts up financial security for his neighbor.
Take a man's garment when he has given security for a stranger, and when he gives surety for strangers, hold him in pledge.
Take a man's garment when he has given security for a stranger, and when he gives surety for a stranger, hold him in pledge.
I said, "Oh, mother, how I regret that you ever gave birth to me! I am always starting arguments and quarrels with the people of this land. I have not lent money to anyone and I have not borrowed from anyone. Yet all of these people are treating me with contempt."
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 servant, he is to serve you for six years, but in the seventh year he will go out free without paying anything.
If you do take the garment of your neighbor in pledge, you must return it to him by the time the sun goes down, 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.
"'If your brother becomes impoverished with regard to you so that he sells himself to you, you must not subject him to slave service. He must be with you as a hired worker, as a resident foreigner; he must serve with you until the year of jubilee, read more. but then he may go free, he and his children with him, and may return to his family and to the property of his ancestors. Since they are my servants whom I brought out from the land of Egypt, they must not be sold in a slave sale. You must not rule over him harshly, but you must fear your God. "'As for your male and female slaves who may belong to you -- you may buy male and female slaves from the nations all around you. Also you may buy slaves from the children of the foreigners who reside with you, and from their families that are with you, whom they have fathered in your land, they may become your property. You may give them as inheritance to your children after you to possess as property. You may enslave them perpetually. However, as for your brothers the Israelites, no man may rule over his brother harshly. "'If a resident foreigner who is with you prospers and your brother becomes impoverished with regard to him so that he sells himself to a resident foreigner who is with you or to a member of a foreigner's family, after he has sold himself he retains a right of redemption. One of his brothers may redeem him, or his uncle or his cousin may redeem him, or anyone of the rest of his blood relatives -- his family -- may redeem him, or if he prospers he may redeem himself. He must calculate with the one who bought him the number of years from the year he sold himself to him until the jubilee year, and the cost of his sale must correspond to the number of years, according to the rate of wages a hired worker would have earned while with him. If there are still many years, in keeping with them he must refund most of the cost of his purchase for his redemption, but if only a few years remain until the jubilee, he must calculate for himself in keeping with the remaining years and refund it for his redemption. He must be with the one who bought him like a yearly hired worker. The one who bought him must not rule over him harshly in your sight. If, however, he is not redeemed in these ways, he must go free in the jubilee year, he and his children with him, because the Israelites are my own servants; they are my servants whom I brought out from the land of Egypt. I am the Lord your God.
If your fellow Hebrew -- whether male or female -- is sold to you and serves you for six years, then in the seventh year you must let that servant go free. If you set them free, you must not send them away empty-handed. read more. You must supply them generously from your flock, your threshing floor, and your winepress -- as the Lord your God has blessed you, you must give to them. Remember that you were a slave in the land of Egypt and the Lord your God redeemed you; therefore, I am commanding you to do this thing today. However, if the servant says to you, "I do not want to leave you," because he loves you and your household, since he is well off with you, you shall take an awl and pierce a hole through his ear to the door. Then he will become your servant permanently (this applies to your female servant as well). You should not consider it difficult to let him go free, for he will have served you for six years, twice the time of a hired worker; the Lord your God will bless you in everything you do.
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.
Now a wife of one of the prophets appealed to Elisha for help, saying, "Your servant, my husband is dead. You know that your servant was a loyal follower of the Lord. Now the creditor is coming to take away my two boys to be his servants."
If you do not have enough to pay, your bed will be taken right out from under you!
This is what the Lord says: "Where is your mother's divorce certificate by which I divorced her? Or to which of my creditors did I sell you? Look, you were sold because of your sins; because of your rebellious acts I divorced your mother.
For this is what the Lord says: "You were sold for nothing, and you will not be redeemed for money."
I tell you the truth, you will never get out of there until you have paid the last penny!
And in anger his lord turned him over to the prison guards to torture him until he repaid all he owed.
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 servant, he is to serve you for six years, but in the seventh year he will go out free without paying anything.
"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.
"'If your brother becomes impoverished and is indebted to you, you must support him; he must live with you like a foreign resident.
You must not lend him your money at interest and you must not sell him food for profit.
"'If your brother becomes impoverished with regard to you so that he sells himself to you, you must not subject him to slave service.
Since they are my servants whom I brought out from the land of Egypt, they must not be sold in a slave sale.
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.
Then there was a great outcry from the people and their wives against their fellow Jews.
I also shook out my garment, and I said, "In this way may God shake out from his house and his property every person who does not carry out this matter. In this way may he be shaken out and emptied!" All the assembly replied, "So be it!" and they praised the LORD. Then the people did as they had promised.
He does not charge interest when he lends his money. He does not take bribes to testify against the innocent. The one who lives like this will never be upended.
My child, if you have made a pledge for your neighbor, and have become a guarantor for a stranger,
Permit no sleep to your eyes or slumber to your eyelids.
The one who puts up security for a stranger will surely have trouble, but whoever avoids shaking hands will be secure.
The one who lacks wisdom strikes hands in pledge, and puts up financial security for his neighbor.
Take a man's garment when he has given security for a stranger, and when he gives surety for strangers, hold him in pledge.
Do not be one who strikes hands in pledge or who puts up security for debts.
I said, "Oh, mother, how I regret that you ever gave birth to me! I am always starting arguments and quarrels with the people of this land. I have not lent money to anyone and I have not borrowed from anyone. Yet all of these people are treating me with contempt."
engages in usury and charges interest. Will he live? He will not! Because he has done all these abominable deeds he will certainly die. He will bear the responsibility for his own death.