Bible Prohibits Charging Interest On Loans

Many Christians who pay exorbitant interest on loans don't realize that the Bible prohibits lenders from charging interest.

Exodus 22:25-27:

“If you lend to one of my people among you who is needy, do not be like the money lender; charge him no interest."

Many Christians struggling to repay loans that have doubled or tripled due to interest charges feel guilty about filing bankruptcy because they are unable to repay their debts. But the Bible makes it clear that it is not the debtor who is guilty in this case; but the lender because he often takes advantage of people in vulnerable and desperate situations.

Leviticus 25:35-37:

“If one of your countrymen becomes poor and is unable to support himself among you, help him as you would an alien or a temporary resident, so that he can continue to live among you.  Do not take interest of any kind from him, but fear your God, so that your countryman may continue to live among you.  You must not lend him money at interest or sell him food at profit.” 

How many of us have been up against the wall facing foreclosure and through our desperation been taken advantage of by money lenders who offer to "save" us by refinancing our delinquent mortgage at astronomical interest rates? How many of us have faced an illness and mounting medical bills, missed payments on credit cards due to crises only to see our $2000 debt morph into a $5000 lawsuit because we're unable to pay? If that's you or someone you know, understand that the Bible says that these interest rates are immoral and that you're not obligated to pay if you've gone bankrupt under the law--both God's and Man's.

Topic: Bankruptcy and the bible

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