Should Christians Borrow Money?
October 29, 2024
The Bible does not prohibit borrowing. It does issue some cautions about borrowing, though, such as in Proverbs 22:7, which says, “The borrower is servant to the lender.” And in 1 Corinthians 7:23, we read these words from the Apostle Paul: “God paid a high price for you, so don’t be enslaved by the world.” Borrowing too much is one way we can get “enslaved by the world.” Sometimes, though, it may be necessary to borrow. In those cases, these four steps will help you do so with peace of mind.
Go to God
In our culture, borrowing is common, normal. And yet, as noted above, the Bible encourages a cautious approach. So, if you are thinking about borrowing money, before setting an appointment with a loan officer, spend some time with God in prayer. Ask Him to guide your decision-making.
“If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you” (James 1:5).
Ask Him to bring to your mind any alternatives to borrowing, if there are any. Ask Him to stop you if you are about to make a mistake or to give you some assurance that it’s okay to go ahead.
Go to the Word
Money is such an important topic to God that His Word says more about money and what it can buy than any topic other than the Kingdom of Heaven. Familiarize yourself with key verses that pertain to borrowing.
For example, the Bible says explicitly not to co-sign.“Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you” (Proverbs 22:26-27).
You would be wise to heed that instruction and to not ask anyone to co-sign for you. The Bible also speaks to the importance of paying people back if we borrow from them.
“The wicked borrow and do not repay, but the righteous give generously” (Psalm 37:21).
So, before borrowing, make sure you are confident you’ll be able to repay.
Go slow
We live in a hurry up, get-it-done-yesterday world. And yet, it’s easy to make mistakes when moving too quickly.
“It is dangerous to have zeal without knowledge, and the one who acts hastily makes poor choices” (Proverbs 19:2).
Ask yourself whether you are rushing into the decision to borrow. Ask God. If you sense that you may be, press the pause button. Even waiting 24 to 48 hours may bring helpful new clarity about the decision.
Go to trusted others
Is there a Christian friend you could talk to about the decision? Someone who will ask helpful questions and give you unbiased feedback?
“Plans succeed through good counsel” (Proverbs 20:18, NLT).
If you decide to go ahead and borrow, working with a Christian financial institution, or at least a Christian loan officer, may help you get the best possible terms. In our culture, many people borrow without giving it a second thought. Oftentimes, that leads them into financial trouble. Taking the four steps just discussed will help you make a good, God-honoring decision while providing you with peace of mind.
If you feel it is prudent to borrow, discover your various options at Christian Community Credit Union. Join CCCU today!
Matt Bell is the author of Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management. He speaks at churches and conferences throughout the country and writes the MattAboutMoney blog.
This article should not be considered legal, tax, or financial advice. You may wish to consult a tax or financial advisor about your individual financial situation.
