When men loan money to others, they usually require some form of collateral, in case of default by the borrower. In this way, the lender can at least attempt to recoup either all or some of his money by selling the security. This is a safeguard to the one granting the loan. By having to put up some form of guarantee for the loan, the borrower is encouraged to fulfill his word by repaying what he has borrowed or forfeit a potentially valuable asset. Money’s Complete Guide to Personal Finance and Investment Terms defines "collateral" as, "Asset pledged to a lender until a loan is repaid. If the borrower defaults, the lender has the legal right to seize the collateral and sell it to pay off the loan." Men always have the best intentions but do not always follow through on their word. The lender must determine the trustworthiness of the borrower. A pledge may be required due to the lack of character of the borrower.
Application
To properly understand the Bible, we need to use what is known as applied theology.
Exodus 22:26-27 reads, "If thou at all take thy neighbour’s raiment to pledge, thou shalt deliver it unto him by that the sun goeth down: 27For that is his covering only, it is his raiment for his skin: wherein shall he sleep? and it shall come to pass, when he crieth unto me, that I will hear; for I am gracious." The law of God does not forbid the use of a pledge for a loan, even a charitable one. However, since this man is in extreme poverty that the only asset he has remaining is that which keeps him warm, the lender is not to take advantage of the situation by humiliating this individual any further than he has already been. He has to humble himself and come to the lender to get his pledge back each and every night. This is an embarrassing situation. Obviously, it is designed also to encourage the borrower to avoid this situation in the future.
The key to this passage of scripture is that the lender is to be like God in being gracious. He is not to exploit his neighbor but to do good to him. This is another law prohibiting oppression. The word gracious has at its root, grace. To be gracious is to be benevolent and merciful. This is an attribute of God as Exodus 34:5-6 declares, "And the LORD descended in the cloud, and stood with him there, and proclaimed the name of the LORD. 6And the LORD passed by before him, and proclaimed, The LORD, The LORD God, merciful and gracious, longsuffering, and abundant in goodness and truth." The source of the law is God and His attributes are contained within His law. Paul wrote in Romans 7:12, "Wherefore the law is holy, and the commandment holy, and just, and good." The law and the commandment is holy because God is holy. They are just because God is just and they are good because God is good.
The lender by requiring the borrower to put up collateral and taking possession of it everyday until paid ensures that the borrower is not using the same collateral for other loans. In other words, it prevents multiple indebtedness. Paul said in Romans 13:8, "Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law." We are not to be in debt to any man and someone who takes on multiple debts is foolish to say the least. This having to return to get his pledge each night keeps the poor man honest and is a safeguard from him taking on additional debt.
The law prevented the lender from receiving certain types of property as a pledge. Deuteronomy 24:6 makes this clear, "No man shall take the nether or the upper millstone to pledge: for he taketh a man’s life to pledge." If one takes this tool as collateral for a loan, it is clear that the borrower would have a hard time paying back the loan because this is how he makes his living. In other words, life can only be taken on God’s terms and never on our own. Just because we loan money to someone that does not give us unlimited power over them. All human authority is limited authority. Only God has unlimited authority.
Deuteronomy 24:10-13 reads, "When thou dost lend thy brother any thing, thou shalt not go into his house to fetch his pledge. 11Thou shalt stand abroad, and the man to whom thou dost lend shall bring out the pledge abroad unto thee. 12And if the man be poor, thou shalt not sleep with his pledge: 13In any case thou shalt deliver him the pledge again when the sun goeth down, that he may sleep in his own raiment, and bless thee: and it shall be righteousness unto thee before the LORD thy God." Here returning the pledge of the poor brother is declared to be righteousness. God wants us to be both gracious and righteous. Here the lender is not permitted to go into another man’s house to get the pledge. He must wait for the borrower to bring it to him. Once again, the lender is not granted total authority over the borrower. He has to show restraint. He must treat the borrower with dignity, the same way he would want to be treated if he were in the same situation.
Conclusion
God has established rules in borrowing and lending in regard to those in an inferior bargaining position. The superior is not to take advantage and oppress the weaker. No man has the right to take someone else’s life except of God’s terms. God commenting on a just man said in Ezekiel 18:7, "And hath not oppressed any, but hath restored to the debtor his pledge, hath spoiled none by violence, hath given his bread to the hungry, and hath covered the naked with a garment." Go and do likewise.
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