There was an advertisement for a prayer meeting with a theme: Loan cancellation prayer! Does a man of God have the power to cancel all loans by having a mass prayer meeting? If someone has borrowed, they should pay it back. The Bible says: “The wicked borrow but do not pay back, but the righteous is generous and gives.” (Psalms 37:21) In fact, wicked people borrow without the intention of returning. Can a person get a huge loan from a bank and come to the prayer meeting for his loan to be canceled miraculously?
National promise: God promised the Obedient Israel to be economically prosperous that they could lend to many nations, but not borrow; rule over many nations, but they shall not rule over Israel. (Deuteronomy 15:5-6) The disobedient Nation was punished; Northern Israel was scattered in 721 BC and the Jews in the South were sent to exile in Babylon. Some apply this promise to themselves, families, and businesses to claim cancellation of loans, which is not right.
Borrow: The Bible does not specifically mention that borrowing or getting loans is a sin. People of God should be wise to get loans. Induced by advertisements many apply for personal loans and struggle to come out of debt.
Practical steps: First, evaluate and examine, if the purchase is necessary. Is it possible to live comfortably without that? Is it a wise decision to invest in the future? Or should I invest in heaven? Second, pray if this is God’s will to go for the loans to purchase something. Third, examine if monthly payments could be easily made, without affecting personal and family needs. Fourth, if the asset purchased could not be sold in an emergency quickly, then it could become a liability. Five, the asset should bring in some income in the future, if not it could be additional expenses each month. Sixth, the loan payment should not make a person miserable to steal or lose integrity. Seven, remember Paul’s advice: Let there not be any debt, except the debt of love. (Romans 13:8)
Am I wise regarding borrowing?