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QUESTON: Does the Bible say anything about cosigning a loan?
ANSWER: As a matter of fact, yes. The Bible does talk about cosigning on a loan. There are at least four passages in the book of Proverbs that speak directly to the subject:
Proverbs 17:18, “A man void of understanding striketh hands, and becometh surety in the presence of his friend.”
Proverbs 22:27, “If thou hast nothing to pay, why should he take away thy bed from under thee?”
Proverbs 6:1-5, “My son, if thou be surety for thy friend, if thou hast stricken thy hand with a stranger, Thou art snared with the words of thy mouth, thou art taken with the words of thy mouth. Do this now, my son, and deliver thyself, when thou art come into the hand of thy friend; go, humble thyself, and make sure thy friend. Give not sleep to thine eyes, nor slumber to thine eyelids. Deliver thyself…”
Proverbs 11:15, “He that is surety for a stranger shall smart for it: and he that hateth suretiship is sure.”
Someone who cosigns a loan is given many warnings from the Word of God – not to mention the bank as well! It demands great responsibility and must not be entered into lightly. In general the Bible says that a man who cosigns a loan is void of understanding, might lose his bed (we would say today, “his shirt”), is snared without any immediate relief, and may likely “smart” for awhile. To sum up, the way to be financially “sure” (secure) is to ‘hate’ being someone else’s financial security (“he that hateth suretiship is sure”).
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