GUIDE TO BORROWING OR LOANING IN TODAY’S ECONOMY

 

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If you find yourselves in situations where you have the responsibility to care for family members and business and there is necessity to borrow. As stewards of God's resources, these are biblically-based steps to follow to help you determine if borrowing money is right for you.

• Why do I want to borrow? Family, business, ministry, academics or what?

 

• Who and what is motivating me to do?

 

• Can this need or want wait for now? If not, what is the repercussion?
• Does it make economic sense or to save life?
• Do my spouse and I have unity about taking on this debt?
• Do I have the spiritual peace of mind or freedom to enter into this debt? In other words, am I living in consistency with biblical principles?
• What personal goals and values am I meeting with this debt that can be met in no other way? (R. Blue & M. Blue, 2016).
• How and when will I pay back?

 

• What will I do differently to stop borrowing?

 

• What is my relationship with lender?

 

• Do you understand the contract you will sign and can you bear the interest?

 

• You have heard people advise that you should not start business on borrowing. Good! But that is not a one way answer! It depends on many other factors which will be treated soon.

 

• Always think and explore alternative to borrowing if you can.

 

• The Bible does not forbid borrowing or legal financial transactions that involve interest. Sometimes, you need to take advantage of times and opportunities in business.

 

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It is unwise to make borrowing for family or business reasons a lifestyle. It leads to cycle of bondage and possibly bankruptcy (even though this is not popular in Nigeria). Don’t mortgage your future and prosperous plan of God for your life. Also, if there are capital intensive businesses or enterprises to do and God is leading you to borrow, don't be afraid to do so, just put your brain to work on realistic ways to pay back immediately based on the economic reality of the country. To be candid, your network affects your net-worth. If when you need money, God and people are not coming to help you, then you need to watch your character, the reason for the borrowing and your economic power to repay.

 

©Abiodun Fadare. 28th August 2020.

Adewale Abiodun Fadare is a Pastor, Bible Teacher, Finance Expert and Writer. He lives happily with his wife and children in Lagos, Nigera. 

  

 

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Note: These are financial advice; do contact your financial advisor for your own decision.