Money borrowing and lending have been present for long, dating back to the inception of money. However, this habit otherwise regarded by others as a vice can be beneficial or detrimental to a person. This essay aims to discuss some natural consequences of borrowing money, co-signing of a loan, and obligations of the borrower with reference to some scriptures that shed more light on the concept of debt.
Money lending has been a subject under much debate from scholars and individuals over the years since humans have used this as a tool of oppression to others. The scripture warns that “The borrower is servant to the lender” (Proverbs 22:7). According to IBLP 2011, this implies that a borrower’s freedom is limited and can only be regained by repaying the debt. Also, borrowing results in judgment from God, according to Deuteronomy (28:15). In addition, borrowing tends to presume about the future, which is against what God intends for man. The scripture says that “Boast not thyself of tomorrow, for though knowest not what a day may bring forth” (Proverbs 22:1)
A lender looks at many factors before deciding to give out a loan. One of the factors is the perceived ability of the borrower to be able to settle the loan in full and in time. When a borrower fails to meet this threshold, then the option of co-signing is considered. Co-signing is a scenario whereby one party agrees to guarantee payment of a loan if the main borrower fails to repay the loan (Pritchard, 2018). This is often seen as an act of charity since no gain comes from it. However, the scripture is totally against this process. According to Proverbs (11:15), a person that agrees to co-sign for another person is bound to suffer in the event the loan is defaulted.
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The basic requirement that cuts across all borrowers is the promise to pay back the loan in full. In the scriptures, a borrower that fails to pay a loan is regarded as immoral (Psalm 37:21). Therefore, it is no less of an evil to fail to repay a loan. Besides, a borrower also has other obligations to meet, as stipulated in the loan contract, such as interest rates for repayment, duration of loan repayment, and the mode of payment (McKnight, 2015).
As such, it is evident that the concept of debt has been well discussed by the scriptures as they aim to guide people on how to approach borrowing, the consequences, and obligations of borrowers.
