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Should I Cosign For a Loan?

By //  by Khaleef Crumbley

A friend or family member needs a loan, but their credit score is not high enough (due to terrible or no credit history, or massive credit card debt), or they don’t have a large enough down payment or some other reason. So they come to you and ask you to be a cosigner on their loan.

 

What Does It Mean To Be A Cosigner?

To be a  “cosigner”, simply means that you agree to assume the responsibility of another person’s debt if they are unable to pay it. For example, if you are a cosigner on your brother’s $20k car loan, you have now agreed to pay the bank back that $20k (or whatever is left at the time of default) if your brother is not able to pay it back.

Many people will face this dilemma at one point in their lives. In fact, many people will actually cosign for loans even when they do not feel comfortable doing it. It is usually due to not wanting to be the bad guy, or is sometimes a genuine attempt to help someone. This is often viewed as a way to help out someone in need – such as a responsible, young person who just needs a chance to display or prove their credit worthiness; or a way to assist your child at the beginning of their “independent life”. But is this a wise thing to do?

What Does The Bible Say About Being A Cosigner?

Proverbs 17:18 tells us that,

A man lacking in sense pledges and becomes guarantor in the presence of his neighbor.

Right away we see that the bible describes one who becomes a cosigner on a loan as “senseless“! We can see that it is not a wise thing to make a pledge based on someone else’s ability to pay back a loan.

We also see such council in Proverbs 22:26,

Do not be among those who give pledges, among those who become guarantors for debts.

Not only are we instructed not to cosign for a loan, but we are also shown some of the dangers of doing so… Proverbs 11:15 tells us that:

He who is a guarantor for a stranger will surely suffer for it, but he who hates being a guarantor is secure.

So, we are actually told that we will “surely suffer” if we decide to pledge ourselves for another person’s debt; and that one way to stay secure is to “hate being a guarantor“! Those are very strong words to describe what has become such a common practice today.

Also in Proverbs 20:16 we find these words,

Take his garment when he becomes surety for a stranger; and for foreigners, hold him in pledge.

It was common to pledge a garment as security for a loan, but – according to Exodus 22:26-27 and Deuteronomy 24:10-13 – that garment had to be returned by sundown.

The idea here is that one who is foolish enough to pledge himself for the debt of a stranger will most likely never be paid back; so the one making the loan should demand the cosigner’s garment as security for the loan.

This shows the senseless and unpredictable nature of pledging your possessions or your life based on another person’s ability or willingness to pay their debts.

Also, one question that must be asked is, “Why does this person need a cosigner?”. The most basic reason is that their bank does not believe that they will pay back the loan.

They use their own experience, a few calculations and the potential borrower’s history with loans (usually expressed on their credit report) to make their decision regarding the loan.

When they request a cosigner they are basically saying, “We don’t trust this person to be able to pay us back, but if YOU are willing to take all the risk then we will give him the money!

What Should You Do If You Have Already Become A Cosigner?

Proverbs 6:1-5 gives us additional instruction. This time however, the instruction is given to one who has already pledged himself on behalf of someone else:
My son, if you have become surety for your neighbor, have given a pledge for a stranger
If you have been snared with the words of your mouth, have been caught with the words of your mouth
Do this then, my son, and deliver yourself; Since you have come into the hand of your neighbor; go, humble yourself, and importune your neighbor.
Give no sleep to your eyes, nor slumber to your eyelids;
Deliver yourself like a gazelle from the hunter’s hand and like a bird from the hand of the fowler.

As we can see from the strong language in this passage, it is a serious matter to pledge yourself on behalf of another. This is because you have essentially given up control of something that God has given to you as a stewardship, and have become “snared” by your pledge.

This situation is so serious that you must do everything that you can to free yourself from this arrangement and gain back control of your God-given resources. Look at how strong the language is here; you are told to “deliver yourself” and not to sleep until you have freed yourself (see Proverbs 22:7)! You are to act as a gazelle  or bird that is about to lose their life to the hunter!

So, if you are in this situation, it should be your highest priority to free yourself from this before you “surely suffer” (Proverbs 11:15; cf. Genesis 43:9, Genesis 44:32-33).

What can you do instead if you want to help?

If you still want to help while obeying God’s word regarding cosigning, there are a few things that you still can do.

Give Them An Interest-Free Loan:

If you know the person is in need, this is one way to help them that will honor God. Proverbs 28:8 assures us that,

He who increases his wealth by interest and usury gathers it for him who is gracious to the poor.

According to Deuteronomy 23:19-20, it was against the law for an Israelite to charge interest to fellow Jews (of course, loans were only to be requested in times of extreme need and poverty – not to fund frivolous, sinful spending like we see today), but many violated this command. As we see here, giving someone in need a loan and not charging interest is a way that you can assist the one in need and please God.

Give them the money that they need.

Proverbs 19:17 tells us that,

One who is gracious to a poor man lends to the Lord, and He will repay him for his good deed.

If you are able, giving your money to one in need – and only expecting repayment from the Lord – is another way to assist a brother in need and honor God with your finances.

Final Thoughts:

As mentioned earlier, since the bible teaches that debt is slavery (Proverbs 22:7), borrowing should only be done when one has a basic need that cannot be met by their income. It was usually a short-term loan, and the Israelites were commanded to forgive all debt every seven years (see Deuteronomy 15:1-15).

Much of the borrowing that we see today represents a person’s desire to live above their means, and I do not believe that type of borrowing (or giving) is what God is speaking of. Hopefully, I will have a chance to address this in much detail in a future article.

So overall we see that God is completely against the idea of one becoming a cosigner for the debt of another, even if we are really seeking to be a blessing to someone in need. However, the bible does teach us other ways in which we can assist others.

I mentioned stewardship earlier. I realize that this may not be a term or concept that is familiar to many modern readers, but this is a concept that God expects us all to understand. A steward is one who manages another person’s property, finances or other affairs. Here are several articles that do a good job of describing the concept of stewardship:

  • http://onemoneydesign.com/blog/2010/01/10/what-the-bible-says-about-money-financial-stewardship/
  • http://www.biblemoneymatters.com/2010/04/financial-stewardship-the-forgotten-component.html

I would love to hear your thoughts on cosigning – even better would be your experiences with it. If you have any questions on this or other concepts, please leave your comment below.

photo credit: 4PIZON

Filed Under: Bible, Biblical Finance, Debt Management, Personal Finance Tagged With: bible teaching, bibles, borrowing, car loans, co signing, cosigner, cosigners, credit, credit card debt, credit history, credit score, culture, debt, ethics, finance, God, Loans, proverbs, stewardship, the bible, usury

The Blessing Of Salvation!

By //  by Khaleef Crumbley

Each Sunday, I try to post a devotional thought for you to meditate on. Sometimes it will be something out of my own studies and prayers. Other times – like today – it will be from another source.

Today, I am posting about the need and blessing of salvation, by James Smith, courtesy of Grace Gems:

(James Smith, “The Voice of Mercy in the House of Affliction!” 1855)

Salvation

The Blessing Of Salvation!

Salvation is . . .
the greatest blessing that God can bestow;
deliverance from the greatest misery;
exaltation to the greatest happiness;
the greatest change in man’s state and character which can possibly be effected;
the greatest display of the love, wisdom, grace, and power of God!

Salvation is the very blessing that you need. The blessing which you must receive–or be eternally undone!

Salvation is a blessing for the PRESENT, for it is deliverance . . .
from the guilt of sin–which makes you miserable;
from the power of sin–which makes you unholy; and
from the love of sin–which proves you to be God’s enemy.

Salvation is a blessing for the FUTURE: it secures to you safety and happiness in time–and glory, honor, immortality, and eternal life when time shall be no more!

Salvation is a blessing which comprehends every other blessing.
If the man is saved–then all good things are his.
If the man is lost–then nothing good is his.
To be saved, is . . .
for the soul to be restored to a right relationship to God;
to be put in possession of unsearchable wealth;
to be raised to the highest honor; and
to be entitled to eternal glory!

No word is as sweet as salvation–as no word is as dreadful as its opposite, damnation! Reader, there is no intermediate state between these two extremes.

Filed Under: Devotion Tagged With: Bible, blessing, Christ, cross, deliverance, Devotion, God, grace gems, james smith, salvation

The Most Healthy State Of A Christian

By //  by Khaleef Crumbley

“I am poor and needy–come quickly to me, O God! You are my help and my deliverer. O Lord, do not delay!” Psalm 70:5…

Each Sunday, I try to post a devotional thought for you to meditate on. Sometimes it will be something out of my own studies and prayers. Other times – like today – it will be from another source.

Today, I am posting a reminder about the importance of prayer and humility in the life of a Christian, by Charles Spurgeon, courtesy of Grace Gems:

Prayer

(Charles Spurgeon)

“I am poor and needy–come quickly to me, O God! You are my help and my deliverer. O Lord, do not delay!” Psalm 70:5

The act of prayer teaches us our unworthiness–which is a very beneficial lesson for such proud beings as we are. If God gave us blessings without constraining us to pray for them–we would never know how poor we are. But a true prayer is . . .
an inventory of our needs,
a catalog of our necessities,
a revelation of our hidden poverty.

While prayer is an application to divine wealth–it is also a confession of human emptiness. The most healthy state of a Christian, is to be . . .
always empty in SELF and constantly depending upon the Lord for supplies;
always poor in SELF–and rich in Jesus;
as weak as water personally–but mighty through God to do great exploits.

And hence prayer, while it adores God, it lays the creature where it should be–in the very dust!

Prayer is in itself, apart from the answer which it brings, a great benefit to the Christian. As the runner gains strength for the race by daily exercise; so for the great race of life, we acquire energy by the hallowed labor of prayer. Prayer plumes the wings of God’s young eaglets–that they may learn to soar above the clouds!

Prayer sends God’s warriors forth to combat–with their sinews braced and their muscles firm. An earnest pleader comes out of his closet, even as the sun arises from the chambers of the east–rejoicing like a strong man to run his race.

Prayer is that uplifted hand of Moses–which routs the Amalekites more than the sword of Joshua. Prayer . . .
girds human weakness with divine strength,
turns human folly into heavenly wisdom, and
gives the peace of God to troubled mortals.

We have no idea what prayer can do!

We thank you, great God, for the mercy-seat–a choice proof of Your marvelous loving-kindness. Help us to use it aright throughout this day!

Filed Under: Devotion Tagged With: Charles Spurgeon, Christ, Christian, Devotion, God, grace gems, humility, prayer, Psalm 70:5

The Love God Has For Us!

By //  by Khaleef Crumbley

Each Sunday, I try to post a devotional thought for you to meditate on. Sometimes it will be something out of my own studies and prayers. Other times – like today – it will be from another source.

Today, I am posting about the love of God by James Smith, courtesy of Grace Gems:

Christ Cross Gods Love

(James Smith, “Comfort for Christians!”)

“And so we know and rely on the love God has for us! God is love.” (1 John 4:16)

The sweeter the truth–the more backward we often are to receive and believe it. Therefore it must be presented to us again and again. What is more pleasant, than the fact that “God is love”?

Yet so quickly we doubt it, or forget it, or fail to realize it. Therefore the Gospel presents it to us again and again, and in almost every possible form. Twice within the scope of a few verses, John tells us that “God is love” (1 John 4:8,16).

Belief in this portrayal of God lies at the root of our holiness, happiness, and peace. To the extent that we believe that “God is love”–we will . . .
consecrate ourselves to His service,
enjoy peace in our consciences,
and be happy in His ways.

God loves us, and therefore He planned our salvation, sending His one and only Son to take away our sins by the sacrifice of Himself. He also sent His Holy Spirit to teach us our need of Christ and lead us to Him. And, finally, He has put His blessed Word in our hands so that through the patience and comfort of the Scriptures, we might have hope.

God loves us–and therefore He . . .
chastens us,
strips us, and
empties us.
He will not let us live satisfied without Himself.

God is love–therefore He has provided an atonement for all our sins. His justice is satisfied, and Heaven is prepared for us!

Yes, though we were sinners by nature, and deeply feel it–though we are not all that we wish to be, and deeply deplore it–yet God loves us!

Bless the Lord, O my soul, who in His love and in His pity has redeemed me!

“This is love: not that we loved God, but that He loved us and sent His Son as an atoning sacrifice for our sins!” (1 John 4:10)

photo credit: freedigitalphotos.net

Filed Under: Devotion Tagged With: 1 John 4, 1 John 4:10, 1 John 4:16, 1 John 4:8, atonement, Christ, cross, God, God Is Love, God's love, james smith, Jesus, Jesus Christ, John 4 16, Limited Atonement, love, love God, Prevenient Grace, Propitiation, Religious Views On Love, salvation, substitution, The Love God, the love of God, theology, Wesleyanism

The Importance Of Integrity In The Workplace

By //  by Khaleef Crumbley

A while back, as I was doing my daily bible reading, I came across this passage about integrity:

You shall not have in your back differing weights, a large and a small. You shall not have in your house differing measures, in large and a small. A full and fair weight you shall have, a full and fair measure you shall have, that your days may be long in the land that the Lord your God is giving you. For everyone who does these things, everyone who acts unjustly is an abomination to the Lord your God. – Deuteronomy 25:13-16

God expected the Israelites to operate with honesty and integrity both in trade and business. The picture here is of a merchant in the marketplace who, as he conducts business, carries false weights and scales, which will measure things in his favor and allow him to cheat his customers. This is similar to someone in modern times gambling with weighted dice.

Integrity - Balanced Scales

The Bible has a lot to say about having integrity, especially as you operate your business. As you can see from the verses above, and the many more that I didn’t even enclose, how we handle our business is very important.

We need to do everything with integrity and honor and honesty. In fact, the measure of success when it comes to how we deal with others – especially in business or financial matters – is not whether we were profitable, able to get our way, or even if we were able to make someone happy, but it’s if we operate with honesty and integrity.

Even if we have a business that fails, or we try an endeavor and it doesn’t work out, we can know it was a success in God’s eyes, if we operate with integrity, honesty, and godly character.

[Question: Does hard work show a lack of faith?]

Because most people in this country don’t own their own business, but in fact, work for someone else, we may feel as though these verses don’t apply to us. However we must realize that we do own a business in a sense – we own our labor, our intellect, and our abilities, and we are to use all these things with integrity for our clients. It’s just in many cases, we call our clients our boss, manager, or supervisor.

I think we have to really look at how we approach work and other things that we do in life. We need search our hearts and make sure that we are operating with integrity in all that we do (even if it causes us to lose favor with a boss that is asking us to bend the rules or fudge numbers). If we can do that then we know that we have been pleasing to God.

There’s a lot more that can be said about this, and most likely I will write about it in the future, but I just wanted to put that quick thought out there as it definitely hit me hard as I read it and thought about the consequences.

photo credit: freedigitalphotos.net

Filed Under: Bible, Business, Christian Living, Workplace Tagged With: Behavior, business, Deuteronomy 25:13-16, differing weights, God, honest scales, honesty, Honesty And Integrity, Honesty In The Workplace, human behavior, Importance Of Integrity, integrity, Integrity In The Workplace, Moral Character, Testimony Of Integrity, theology, workplace

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