How About Taking A Business Loan?
The issue of funding a business organisation with a loan is quite controversial; but this article is only an exposition, and the decision to indulge or not indulge should be personal. Firstly, let’s consider the divine stand on borrowing.
The Bible’s Stand on Loan
Proverbs 22:7 — Just as the rich rule the poor, so the borrower is servant to the lender.
2 Kings 4:1 — One day the widow of one of Elisha’s fellow prophets came to Elisha and cried out to him, “My husband who served you is dead, and you know how he feared the Lord. But now a creditor has come, threatening to take my two sons as slaves.”
Proverbs 22:26-27 — Do not be one of those who shakes hands in a pledge, one of those who is surety for debts; if you have nothing with which to pay, why should he take away your bed from under you?
Matthew 18:24-25 — And when he had begun to settle accounts, one was brought to him who owed him ten thousand talents. But as he was not able to pay, his master commanded that he be sold, with his wife and children and all that he had, and that payment be made.
Understandably, it’s obvious that the Bible doesn’t encourage borrowing, but lending: “Give to him who asks you, and from him who wants to borrow from you do not turn away.”(Matthew 5:42)
And graciously, God promises His children, “You shall lend…but shall not borrow. “Deuteronomy 28:12
The only instance God urged the people to borrow was to compensate for their servitude to Egypt (Exodus 3:22).
Reasons People Take Loan
People take loan for many reasons, which include:
- Impatience (But haste makes waste — Proverbs 21:5)
- Presumption
- Greed
- Pride
- Indiscipline
- Shortsightedness
Loan or Debt?
Some analysts are of the opinion that taking a loan is not bad, but debt is! (Debt being defined as an unpaid or bad loan.)
However, loan leads to debt; meaning, loan is a trap to debt. (Proverbs 11:28)
Common Effects of Debt
More often than not, debt has negative effects on the beneficiary; they include:
Anxiety and depression
Sleeplessness and sickness
Bankruptcy
Instability
Disgrace or Doom
Reward for Avoiding Loan
Turning one’s back to loan may incur slowdown on a project, but would surely attract prudence and more (such as:)
- Innovation and creativity
- Higher confidence and skill
- Greater cost effectiveness and profit
- Improved human relationships, especially among staff and, with clients.
- Stress free.
Summary
With the spiritual entrepreneur (who works with God) his faith is strengthened; and thrilled, experiencing: “Faith in God is graceful, and more rewarding than faith in money!”
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