Usury in the Bible refers to charging interest on a loan, typically regarded as unethical and immoral in Jewish and Christian scripture. Usury is mentioned 40 times in the Old Testament and five times in the New Testament. Throughout the Bible, it is clear that God vehemently condemns usury as a violation of His divine law.
In Deuteronomy 23:19, God says, “You shall not charge interest to your brother, interest on money, interest on provisions, interest on anything that is lent for interest.” God was very strict about this, and viewed usury as an act of theft, because it caused people to become impoverished and enslaved to the lender. The Bible also states that if a person takes usury, then it will be restored to them seven fold. This indicates the severity of usury in God’s eyes.
The Bible also expresses God’s disapproval of usury in Leviticus 25:36-37, which states that the borrower should not be put at a disadvantage, and that it should not be charged because the borrower and lender are both in agreement about the loan. Lastly, in Ezekiel 18:8-9 and Ezekiel 22:12, God says that He hates usury and condemns any person who commits it.
Overall, usury is considered a sin in the Bible and is prohibited. The Bible also states that lenders should not take advantage of the poor, should not take usury when the borrower is not able to repay it, and should only charge a fair interest rate. Usury is seen as a violation of God’s moral code, and it is denounced in the Bible with strong words.
Economics In The Bible
Economic principles are certainly discussed in the Bible, although it is not a textbook of economics as we understand it. The Bible does have an overarching economic theory that guides its teachings on economics, and it is focused primarily on justice and stewardship.
The Bible emphasizes that goods and resources should be shared, especially with those in need. Proverbs 11:24 states, “One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want.” This passage is a direct warning against hoarding and greed, and emphasizes the need to share resources with others.
God also emphasizes the need to give generously, rather than exclusively focus on what is taken in return. Proverbs 19:17 states, “Whoever is generous to the poor lends to the Lord, and he will repay him for his deed.” This passage indicates that generosity is highly important to God, and that those who give to the poor will be rewarded for their actions.
The Bible also teaches that individuals should take responsibility for their own financial decisions, rather than relying on others to bear the consequences. Proverbs 22:7 states, “The rich rules over the poor, and the borrower is the slave of the lender.” This passage highlights the importance of financial responsibility, and warns against becoming overly dependent on loaned funds.
Modern Day Usury
Usury has evolved since biblical times, and today it is seen primarily as the charging of excessive interest rates on loans. The term can be used to describe any loan with an interest rate deemed to be too high, although it is widely accepted that any interest rate higher than 10% per annum can be considered usurious.
Usury has become an accepted practice in many parts of the world, particularly in countries with high levels of inequality. In some parts of the world, lenders charge interest rates of up to 100% per annum, which can leave individuals and families in extreme levels of debt. Usury can also be used to take advantage of people who are desperate for money, because they may be willing to accept higher interest rates in exchange for a loan.
Usury also affects society in a wider sense, as it can lead to increased inequality and can prevent economic growth and development. By charging excessive interest rates, lenders discourage borrowers from spending money, which affects the wider economy. Furthermore, by locking individuals and families into debt cycles, usury reduces the amount of spending power they have, which has wider-reaching implications. Usury can also lead to an increase in criminal activities, such as loan sharking, and can fuel black market activities.
Preventing Usury
Preventing usury is an important step to creating a more equitable economic system. Governments must impose regulations to prevent lenders from charging excessive rates of interest on loans. They can do this by providing financial education to empower people to make sound decisions about their finances, and by ensuring that lenders are not able to abuse vulnerable borrowers. Additionally, governments should introduce policies to ensure that those who are most economically disadvantaged are adequately protected from usurious lending practices.
It is also important for individuals and families to be aware of usury, and to take steps to ensure that they are not taken advantage of by predatory lenders. Those who are considering taking out a loan should shop around for the best deal, read the terms and conditions of any loan carefully, and compare different lenders to ensure that they are getting the best deal possible. Additionally, individuals should make sure that they can afford to repay any loan before taking it out, and should avoid any lender that is charging excessively high interest rates.
Usury Laws
In most countries, usury is illegal, with the exception of a few countries such as the United States, where the legal definition of usury is more lenient. Usury laws typically set a maximum limit on the interest rate that can be charged on a loan, and can also impose other restrictions, such as preventing loans from being secured against collateral.
Usury laws are designed to protect consumers from predatory lenders, and to ensure that people are not taken advantage of. They also help to ensure that those who are most economically disadvantaged have access to fair and affordable loan products. By setting limits on the interest rates that can be charged on loans, usury laws help to ensure that lenders are not able to take advantage of borrowers by charging them excessively high interest rates.
Usury laws are also important for maintaining a healthy economy, as they ensure that lenders are not able to earn excessive profits from loans, and they prevent lenders from creating an unsustainable debt bubble which can have a detrimental effect on the economy as a whole.
Theological Ethics Of Usury
Usury has been debated throughout history, and there are varied opinions on the theological ethics of this controversial practice. Many religious theologians view usury as immoral and sinful, and believe that it should not be practiced even in moderation. Others, however, view usury as an ethical practice and believe that it can be used within a moral framework, as long as it is done fairly and responsibly.
One argument in favor of usury is that it can play a role in helping to uplift the economically disadvantaged, by providing them with access to credit in order to improve their quality of life. Critics, however, point out that many lenders do not practice responsible lending, and that exploitative and usurious lending can cause more harm than good.
Another argument in favor of usury is that it can provide investors with an opportunity to bolster their financial portfolios, by lending money to individuals and businesses that may not otherwise have access to capital. Again, however, critics point out that this can also lead to exploitation, as lenders can sometimes take advantage of those in desperate need of funds.
Supporters of usury also argue that it can stimulate economic activity, by making it easier for businesses and individuals to access capital for investment and expansion. Again, however, there is the potential for exploitation and abuse, which can have detrimental effects on the economy.
Conclusion
Usury in the Bible is seen as a violation of God’s moral law, and is strongly condemned. Usury has evolved since biblical times, and is now seen primarily as the charging of excessive interest rates on loans. Although some religious theologians view usury as an ethical practice, it has obvious potential for abuse, and governments must introduce regulations to prevent abuse and exploitation.
