Summary: Scrupulously read the above words of God that talk about standing guarantee for loan!
Proverbs 6:1 –‘My son, if you have put up security for your neighbor, if you have struck hands in pledge for another..’
Proverbs 17:18-‘A man lacking in judgment strikes hands in pledge and puts up security for his neighbor.’
Be not one of those who give pledges, who put up security for debts. If you have nothing with which to pay, why should your bed be taken from under you? Proverbs 22:26,27 (ESV)
Whoever puts up security for a stranger will surely suffer harm, but he who hates striking hands in pledge is secure. Proverbs 11:15 (ESV)
Scrupulously read the above words of God that talk about standing guarantee for loan! Having worked for a bank for quite some time before joining to work full-time for my Lord, I do know the dangerous repercussions of co-signing for a loan; more so, since I worked for the Chief of the Credit Cards Department, I know this aspect pretty well. Now please listen! Here, I would like to talk on spiritual point of view, more than on secular point of view.
Jesus speaks a lot on money and also regarding the handling of money; if a person has not managed his money well and has got himself and his family ( applies to ministry as well) into terrible mess, how could you stand guarantee for such a person? He or she is unreliable! Let me tell you from first hand experience, borrowing, easy and hasty purchase of ‘materials’ on EMI is no small thing, this is an addiction. Think not twice but hundred times before you go in for a purchase – be it car or a house – people of the world would call it essential but you analyze things from heavenly perspective. Are you listening? I know seniors, in their twilight years, who invest their huge retirement money into purchase of luxury flats and pay their pension money as EMI; this is the most ridiculous idea. Spend the latter years of your life investing in the Kingdom of God rather than amassing wealth; by the way tithes has to be paid for the pension amount as well. Unwise money handling is the cause of misery in many lives! The biggest test you will ever have is with money for it affects your deepest thoughts, feelings, emotions, integrity, honor, worth, value, etc. If you pass the money test then you will move into the wealth the bible promises you.
Now, when the person is a close friend, church member or a relative, how do I handle it? May be this is your question! I will tell you what you can do, give them a amount that you can afford and not expect it back, if it comes back fine, but otherwise also it’s fine, this way the relationship is also safe.
Sharing of Credit card (many people do this) allowing other people to operate through your bank account, permitting ‘loan on phone’ for friendship sake, sharing of ‘T-pin’ and allowing friends to take ‘demand draft’ are all prevalent today. It is not enough you accrue plethora of academic degrees and adorn your visiting card – you need God’s wisdom to protect you.
Ecclesiastes 22:26 –‘For God gives wisdom and knowledge and joy to a man who is good in His sight..’