“This warns Israel against taking advantage of each other in times of great need. We must take care that we never unfairly profit from the poverty or difficulty of others.”
“Non-essential items could be taken as a pledge. Although interest could not be charged on a loan to an Israelite in need, a pledge could be taken - collateral to guarantee the repayment of the loan. This command forbids the taking of collateral that would take away a man’s ability to provide for his family and get himself out of debt.” (Guzik)
Security for a loan
I recall years ago, two different people that applied for bank loans.
One had a successful restaurant business and he wanted to make improvements to the business but the bank also wanted his home as security (pledge). He refused their pledge request.
The other was for a manufactured home to be installed next to a successful grocery and meat market business. He wasn’t physically well and was shrewd enough when the bank required his business as security (pledge) he approved it as a pledge but he also added the life insurance on the loan. Shortly afterwards he passed away and the insurance paid off the loan debt.
I am reminded about this verse:
Revelation 20:13 And the sea gave up the dead which were in it; and death and hell delivered up the dead which were in them: and they were judged every man according to their works.
If you are taking advantage of people with loan security (pledge) stop it and repent!
Brethren, be careful with your debt. Ask yourself is it a need or a want. If a need, shop around and be wise before you make a pledge and first and foremost, PRAY!
Blessings
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