Cosigning a loan may seem like a kind gesture. But the Bible has a cautionary take on it. It’s all about wisdom, responsibility, and understanding the potential consequences. In short, the Bible advises caution when it comes to cosigning, warning of the risks involved.
Want to know more about what the Bible says regarding cosigning? It’s not just a financial decision; it’s a spiritual one too.
What Does the Bible Say About Cosigning?
When it comes to cosigning, the Bible isn’t just handing out financial advice; it’s giving us life lessons. The core message? Be wise and understand what you’re getting into.
In biblical times, cosigning wasn’t exactly like it is today. But the principles still apply. The Bible’s take is clear: when you cosign, you’re taking a risk. It’s not just about trust; it’s about being responsible for someone else’s debts. That’s a big deal.
God’s view on financial matters is always about wisdom and stewardship. Cosigning, in essence, is a commitment. And with any commitment comes responsibility. The Bible urges us to consider if we’re really ready to take on that kind of responsibility.
In the New Testament, Jesus talks a lot about being wise with our resources. While He doesn’t mention cosigning directly, the principles of wisdom and responsibility are there. The idea is to think carefully about our decisions, especially when they involve other people’s debts.
The Bible also touches on the theme of being bound by what we say. Cosigning is essentially making a promise. And in the Bible, keeping your word is crucial. It’s not just a legal thing; it’s a moral thing.
But here’s the kicker: the Bible also talks about love and helping others. So, is cosigning allowed? Yes, but with caution. It’s about balancing the desire to help with the need to be wise and responsible.
The Bible doesn’t outright say cosigning is a sin. But it does warn us to be careful. It’s like it’s saying, “If you’re going to do this, be fully aware of what it means.”
And what about redemption and forgiveness? They’re key themes in the Bible. If someone has cosigned and it’s gone south, there’s always a path to recovery and forgiveness. It’s not the end of the world.
Bible Verses About Cosigning
- Proverbs 22:26-27 – “Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.” This verse starkly warns about the dangers of cosigning and the risk of losing personal assets.
- Proverbs 11:15 – “He who puts up security for a stranger will surely suffer, but whoever refuses to shake hands in pledge is safe.” This proverb highlights the risks involved in guaranteeing another’s debt, suggesting a cautious approach.
- Proverbs 6:1-5 – “My son, if you have put up security for your neighbor, if you have shaken hands in pledge for a stranger, you have been trapped by what you said, ensnared by the words of your mouth. So do this, my son, to free yourself, since you have fallen into your neighbor’s hands: Go—to the point of exhaustion—and give your neighbor no rest! Allow no sleep to your eyes, no slumber to your eyelids. Free yourself, like a gazelle from the hand of the hunter, like a bird from the snare of the fowler.” This passage vividly describes the potential trap of cosigning and advises urgent action to rectify the situation if it becomes problematic.
- Proverbs 17:18 – “A man lacking in sense pledges and becomes guarantor in the presence of his neighbor.” Here, the Bible associates cosigning with a lack of wisdom, cautioning against making hasty financial commitments.
- Proverbs 20:16 – “Take the garment of one who puts up security for a stranger; hold it in pledge if it is for the wayward.” This verse suggests the potential for collateral to be seized due to the risks involved in cosigning, highlighting the serious consequences.
- Proverbs 27:13 – “Take the garment of one who has put up security for a stranger; hold it in pledge if it is for an outsider.” Similar to Proverbs 20:16, this proverb also warns about the repercussions of cosigning, particularly for an unknown party.
- Ecclesiastes 5:5 – “Better is it that thou shouldest not vow, than that thou shouldest vow and not pay.” This verse emphasizes the importance of keeping one’s commitments. In the context of cosigning, it serves as a reminder to only make financial promises you can keep.
- Matthew 5:37 – “But let your ‘Yes’ be ‘Yes,’ and your ‘No,’ ‘No.’ For whatever is more than these is from the evil one.” Although not directly about cosigning, this teaching of Jesus in the New Testament underscores the importance of being clear and truthful in our commitments. It warns against making promises that one may not be able to fulfill, including financial obligations.
- Psalm 37:21 – “The wicked borrows but does not pay back, but the righteous is generous and gives.” This verse contrasts the actions of the wicked and the righteous, highlighting the responsibility that comes with borrowing and lending. For someone considering cosigning, this scripture can be a reminder of the moral responsibility that accompanies such financial agreements.
- Proverbs 3:27-28 – “Do not withhold good from those to whom it is due, when it is in your power to act. Do not say to your neighbor, ‘Come back tomorrow and I’ll give it to you’—when you already have it with you.” This proverb, while not directly about cosigning, relates to the broader principle of fulfilling obligations and being helpful to others when one has the means. It can be interpreted as encouraging responsible financial support, including the decision to cosign, but with the understanding that it should be done wisely and within one’s capacity.
These verses collectively paint a picture of caution and wisdom. The Bible doesn’t outright forbid cosigning, but it does advise us to think twice, understand the risks, and be prepared for the consequences. It’s about balancing our desire to help with the need for prudent decision-making. In God’s view, wisdom and stewardship are key, even in matters like cosigning.