What are the most despised professions in America? On the list would most likely be lawyers, car salesmen, and … bankers. There is a reason why some lenders are called "loan sharks." The granting of loans, however, is not forbidden in the Bible. We need to approach lending from a biblical point of view. In the Bible, there are three types of loans. First, loans to one's neighbor or brother. These loans were not to last more than six years, released during the Sabbath Year. Security or pledge was allowed, but you had to respect the borrower, including his property rights and dignity. Second, loans to the poor. When dealing with a brother in need, we are not automatically obligated to give money. Sometimes, the best thing we can do is to loan them money. If we choose to lend money, the regulations concerning the neighbor loan must still be followed with one exception: you cannot charge interest. Few laws have been more misunderstood than the practice of charging interest. The confusion comes from two areas. One, the word usury does not mean exorbitant interest but any interest. Two, some passages forbid charging interest. However, we should follow the biblical principle of interpretation that the narrower text is authoritative over the broad. God would not have prohibited charging interest to the poor if it was not allowed to the neighbor. There would've been no reason to identify the smaller group of the poor as deserving of different treatment if everyone was supposed to be treated the same. Third, loans to the stranger or unbeliever. Even to the unbeliever, the principles of the neighbor loan apply, except loans could last longer than six years, and interest is allowed.
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Kurt Snow serves as a ruling elder at Covenant Reformed Church of Sacramento (RCUS). He served as a member of the Board of Governors of City Seminary of Sacramento from 2000 to 2020.
