We have had similar questions like this before and basically the question is, “Is it right for a Christian to be in DEBT by taking out a LOAN?” There are those who take a very dogmatic stand on this and say the believer in Christ should never take out a loan (for any purpose) for the Bible says, “Owe no man anything” (Romans 13:8) They also use Proverbs 22:7 to support this view, “The rich rules over the poor, and the BORROWER is servant to the LENDER.” They believe that Romans 13:8 is proof that we should never be in debt, which would mean that we should never take out a loan for any purpose. To take out a loan leaves us in debt to the LENDER and makes us a SLAVE to them.

I would take issue with that teaching, for if that were the case most of us would be guilty of “being in debt” every month. Those who own homes are “in debt” from month to month for various services rendered. We are in debt to companies for the electricity (for lights and power), water (for drinking and cooking), and fuel (to heat our homes) that we use each and every day. At the end of the month, we “get a bill” for these but until we pay them, we are using these services “on credit”; in other words, we owe them money for those services. I believe that Romans 13:8 is teaching us to “pay our bills on time.” This same “principle” (of paying your bills on time) would apply as well to a loan. A loan is normally set up on a “monthly payment” too and as Christians we are to “make that payment on time,” for to do otherwise it to dishonor the Lord AND to possibly incur a penalty of some kind from the lender. Psalm 37:21 is a good verse to bring in at this time for it says, “The wicked borrows and DOES NOT REPAY.” The unbeliever does not bow to Scripture and at times they have no conscience about “being late in paying their debt” or, as this verse teaches, “not paying their debt at all.” This should never be true of the believer in Christ.

In closing, I would like to say a word about the responsibility we have as STEWARDS. In 1st Corinthians 4:2 we read, “Moreover it is required in stewards that one be found faithful.” The context of this verse is actually speaking of the “truths from God Word” that have been entrusted to us (that we are to use for His honor and glory) but it could include EVERYTHING that has been entrusted to us. Everything we have has been given to us by God. He is faithful to provide us with the NECESSITIES OF LIFE (food, clothing and shelter…see Matthew 6:25-34). He has NOT promised to provide us with what we might call NONESSENTIALS such as a luxurious home or car, a powerful motorboat, expensive clothing or jewelry, etc. He “may,” and often does, bless us with various “nonessentials” but would the Lord have us take out a loan in order to procure them? When we are “taking out a loan,” we should ask ourselves, “Is this really necessary or is it simply for pleasure or to show off to my neighbor?” One has said, “God supplies our NEEDS and not our GREEDS.” As “stewards of God we should be very conscientious about what we take out a loan for since we are indeed “servants to the lender” and “paying interest charges” on whatever we are buying. You mentioned in your question “acquiring an ASSET or opening up a BUSINESS” and in light of our being STEWARDS you should be before the Lord as to both of these things. Is the “asset” a real need? Is the “business” one that will bring glory to God and meet the legitimate needs of you and your family? These are searching questions that each of us should ask “before the Lord.” It is not for me to judge you as to these things; we are each responsible, as “stewards of God,” to answer to Him about anything we may acquire when taking out a loan.  (DO)  (490.1)