Charging interest

I don't smoke, and I just got off work, so I haven't been drinking. The definition is posted on this thread. Did you read it? As someone in the lending business, I believe I'm qualified to speak on this subject. State what you disagree with, or don't bother even replying.

 

accusing a christian man of being drunk , or smoking something, when you have no idea is not nice.
if someone doesn't like interest, then don't charge interest, or take part in anything that involves interest in anyway. If your currently involved in anything that has to do with interest in anyway, get out of it. This would be, your house payment, banking account, car payment, investments, retirement funds or savings. Otherwise your violating what you beleive scripture says.

 

I believe the Bible makes a distinction between personal loans and business. Clearly there is a profit theme in the Bible, as mentioned before in this thread. But just as clearly, there is the admonition to give to the person in need (which is lending without expecting return in many cases!). I think there is also the admonition not to charge interest on personal loans -- to a friend or relative, for instance.

But a business loan is just that: business. And the purpose of business is to make money. Thus the Bible simply says that the rates are not to be usurious. They are to be fair and affordable, and certainly to be honestly set forward so there is no deceit or hidden charge involved.

 

You are qualified to speak on the subject but do not know the difference betwen usury and interest?

From Webster's Dictionary

usury
1. the lending or practice of lending money at an exorbitant interest.
2. an exorbitant amount or rate of interest, esp. in excess of the legal rate.
3. Obs. interest paid for the use of money.

interest
14. Finance.
a. a sum paid or charged for the use of money or for borrowing money.
b. such a sum expressed as a percentage of money borrowed to be paid over a given period, usually one year.

 

The point was not to be nice for erroneous information and the fact that the poster was rude to another.

What gives you the right to judge that I do not know? Your judgment is absoultely wrong. How much business law have you had to make such a judgment? Are you a lawyer who would know? A simple look at a dictionary would have pointed out the ridiculousness of the posters comments.

 

JD, I'm not sure if you are looking for a confirmation in the Bible of what you already believe or if you are really studying this out.

Here are a couple of verses that are of intrest :laugh:

“You shall not charge interest on loans to your brother, interest on money, interest on food, interest on anything that is lent for interest.
You may charge a foreigner interest, but you may not charge your brother interest, that the LORD your God may bless you in all that you undertake in the land that you are entering to take possession of it.
Deuteronomy 23:19-20 (ESV)

The LORD will open to you his good treasury, the heavens, to give the rain to your land in its season and to bless all the work of your hands. And you shall lend to many nations, but you shall not borrow.
Deuteronomy 28:12 (ESV)

Thus says the LORD: “Where is your mother’s certificate of divorce, with which I sent her away? Or which of my creditors is it to whom I have sold you? Behold, for your iniquities you were sold, and for your transgressions your mother was sent away.
Isaiah 50:1 (ESV)

This one's been mentioned. There hasn't been much interaction with it though.

Why then did you not put my money in the bank, and at my coming I might have collected it with interest?’
Luke 19:23 (ESV)

Rob

 

I would say that this thread has piqued my interest...
...but that would be a pretty bad pun, so I won't.

 

:BangHead: Please grow up brother!

 

Your definitions supplied don't even do justice to the passage in question! When a brother is in need, you don't charge ANY INTEREST! That is the point of the text!
I don't charge illegal rates (HML is not regulated), and "exorbitant" is relative given the situation.

 

Look at post #16 and see how the poster defined interest and usury

 

Even by Websters definition these two are the same. The scripture which have been posted and point to the negatives of usury (interest) is condemning usury in two ways:

1. Charging interest on money lent to a brother in Christ. When one is in need usury (interest) is seen by God as adding to the need rather than assisting with the need. This is viewed by God as taking advantage of a persons situation.

2. Charging an excessive amount of interest. In any market throughout history their has been a standard for fair interest rates. To exceed that in an exorbitant way is often done to those who are in a pinch and the borrower is often compelled to accept such unreasonable rates. This is viewed by God as taking advantage of a person.

 

You don't have to know anything about business to know it's wrong to falsely accuse someone.

 

OK...trying to get back on track (is it my imagination or are the BB natives grumpy this week?)

I want to focus on the phrase "in need." We should be sure and not take advantage of a brother in need.

Defining "in need" would be interesting. I bet the USA's definition is much broader than other countries. I also bet the 21st Century definition is much broader than the 19th century.

At what point do we determine that someone is "in need?"

 

Don't take life so seriously. Do you not know what sarcasm is? Do you really thought I believed the person was drunk or on something else?

You did not answer my question, "What gives you the right to judge that I do not know?"

 

Yes, I use the expression, "Are you on crack?" not in a serious sense, but in a sarcastic way. But, I'm careful with whom I use it, and I would probably not use it on the BB where people can't see my faical expression or hear my tone of voice.

That being said, a look at the English etymology of the two words could be beneficial.

There are two words in consideration: Interest and usury.

Usury is of Latin origin, and interest is French. At the time the KJV was written (which has influenced the way we use many words, even today), "interest" was "money paid for the use of money lent". "Usury", which was illegal under church law, was "compensation from a defaulting debtor". IOW, above and beyond interest.

Interest was OK, usury was not. If a brother couldn't pay the money, or the interest, what then? That's the question we should be looking at.

 

This is the focus indeed. A brother who is about to foreclose on their home NEEDING money to avoid this shouldn't expect to pay interest in borrowning money from another.
However, if a brother in Christ is looking to add a couple rental properties to their portfolio, charging him interest to help him attain that is not only normal, but expected. There is a cost of money in business deals, which are NOT needful situations.
Usury is similar. If a Christian owns a bank, they should charge competetive interest rates in normal circimstances. Usury in this setting would be predatory lending practices, very high default rates for a first offense, etc.
This depends entirely on the circumstance of each individual, and canot be blanketed by "charging any Christian interest is sin".