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Nowhere in the Bible does God give permission for a church to go into debt. On the other hand, neither does the Bible expressly forbid a church from taking out a loan. Broadly speaking, however, it...
I concur with S. Michael Houdmann's answer here, but suggest two additional considerations. First, Deuteronomy 15:1 is clear that under God's Mosaic law, "at the end of every seven years you must cancel debts." The principle I draw from this is that neither we, nor the Church, ought to enter into loans which exceed that period of seven (7) years. I have head of many cases where, when borrowers/ debtors changed their repayment periods from 7+ years, down to 7 years, the LORD assisted their financial conditions such that the debts were paid off in less than 7 years, with little effort. Secondly, Houdmann rightly also makes mention of the matter and trouble of servicing the loan debt. The real trouble being not necessarily the original loan amount, but the interest and other charges which accrue thereto. This can be overcome to a certain extent by the Church borrowing from the members at 0% (zero) interest rate. The Biblical principles are as follows: 1) Exodus 22:25 — "If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor; neither shall ye lay upon him interest." 2) Leviticus 25:36 — "Take thou no interest of him or increase; but fear thy God; that thy brother may live with thee."
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