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Lending money on interest is one of the more severe prohibitions in the torah.<ref> The Gemara BM 71a says that one who lends with interest becomes poor and never recovers. The Rambam Hilchot Malveh Viloveh 4:2 delineates six biblical prohibitions which could potentially be violated in any particular loan transaction. Ramban Sefer Hamitzvot Shoresh 6 adds a 7th. </ref> The lender, the borrower, the guarantor, the witnesses, and even the scribe violate when engaging in an interest-bearing loan.<ref> Mishna Bava Metzia 75b. Shulchan Aruch Y.D. 160:1</ref> | Lending money on interest is one of the more severe prohibitions in the torah.<ref> The Gemara BM 71a says that one who lends with interest becomes poor and never recovers. The Rambam Hilchot Malveh Viloveh 4:2 delineates six biblical prohibitions which could potentially be violated in any particular loan transaction. Ramban Sefer Hamitzvot Shoresh 6 adds a 7th. </ref> The lender, the borrower, the guarantor, the witnesses, and even the scribe violate when engaging in an interest-bearing loan.<ref> Mishna Bava Metzia 75b. Shulchan Aruch Y.D. 160:1</ref> Chazal warn that anyone who lends with interest his money is in danger of losing all of his money forever and it is like he is denying the exodus from Egypt and the existence of God.<ref>Gemara Bava Metsia 71a, Shulchan Aruch Y.D. 160:2. Why is someone who lends with ribbit like he denies the exodus from Egypt? Maharal (Chidushei Agadot b"m 71a) explains that the exodus proved that Hashem is the father of the Jews and cares about their welfare. In his Torah he commands that Jews should be like him and take care of each other by lending each other interest free. If someone charges another Jew interest it is like he doesn't believe in Hashem or the exodus which proved that he should care for his fellow's wellbeing. Gra 160:3 (quoting Sifrei) explains that Hashem took us out of Egypt on condition that we wouldn't take interest. If he takes interest then he's denying the whole point of the exodus. </ref> | ||
==Definition of Interest== | ==Definition of Interest== | ||
# In any case where a person owes a debt to another Jew whether it is because he borrowed money or because he hired him and owes him or because he rented something and didn’t pay yet, it is forbidden to pay more than the actual debt because of the prohibition of taking interest.<Ref>Shulchan Aruch Y.D. 176:6, Rama Y.D. 161:1, The gemara Bava Metsia 63b explains that as long as one is paying extra to be able to hold the money for longer, it would be a violation of this prohibition. </ref> | # In any case where a person owes a debt to another Jew whether it is because he borrowed money or because he hired him and owes him or because he rented something and didn’t pay yet, it is forbidden to pay more than the actual debt because of the prohibition of taking interest.<Ref>Shulchan Aruch Y.D. 176:6, Rama Y.D. 161:1, The gemara Bava Metsia 63b explains that as long as one is paying extra to be able to hold the money for longer, it would be a violation of this prohibition. </ref> | ||
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==Rabbinic Prohibition of Interest== | ==Rabbinic Prohibition of Interest== | ||
# There are several different forms of interest that are prohibited only rabbinically. There are several practical differences if it is only rabbinic. For example, Rabbinic interest was not extended to charities.<ref> Shulchan Aruch and Rama YD 160:18 </ref> Additionally, one who receives biblical interest must return it but this does not apply to certain cases of rabbinic interest.<ref> Shulchan Aruch YD 161:2 </ref> | # There are several different forms of interest that are prohibited only rabbinically. There are several practical differences if it is only rabbinic. For example, Rabbinic interest was not extended to charities.<ref> Shulchan Aruch and Rama YD 160:18 </ref> Additionally, one who receives biblical interest must return it but this does not apply to certain cases of rabbinic interest.<ref> Shulchan Aruch YD 161:2 </ref> | ||
#There is no prohibition of ribbit upon the borrower whenever it is rabbinic ribbit, the prohibition is upon the lender.<ref>Nemukei Yosef b”m 39b s.v. garsinan, Ritva there, Darkei Moshe 160:2, Rama 160:1</ref> | #There is no prohibition of ribbit upon the borrower whenever it is rabbinic ribbit, the prohibition is upon the lender. However, the borrower does violate [[Lifnei Iver|lifnei iver]] if he causes the lender to violate a prohibition.<ref>Nemukei Yosef b”m 39b s.v. garsinan, Ritva there, Darkei Moshe 160:2, Rama Y.D. 160:1. Chelkat Binyamin 160:14 quotes a dispute if this lifnei iver is deoritta since the isur he is being tripped up to violate is only derabbanan. He writes that Tosfot (Chagiga 18a) and Rosh (Moed Katan 1:1) hold that it is only lifnei iver derabbanan, but Tosfot (Avoda Zara 22a) holds it is lifnei iver deoritta since an isur derabbanan is a real stumbling block. </ref> It is nonetheless forbidden for the borrower to give the lender a thank you (or other cases of [[When Is It Permitted to Benefit the Lender#Favors, Kind Gestures, and Saying Thank You (Ribbit Devarim)|ribbit devarim]]).<ref>Rabbi Willig ([https://www.yutorah.org/lectures/1115931 Shiur on Ribbis Devarim], towards the beginning) based on Chedrei Deah 160 and Bet Halevi explained that although in general rabbinic ribbit doesn't apply to the loveh, ribbit devarim does since there is no other way the rabbis could have forbade it unless it was forbidden for the loveh. He also explained that it isn't a question for Yereyim who holds that ribbit devarim is deoritta.</ref> | ||
# It is permitted for the yeshiva to give out student loans for tuition with interest since it is only a rabbinic form of interest in that the money was never given to the students to spend and a yeshiva is allowed to taking rabbinic forms of interest.<ref>[https://www.yutorah.org/sidebar/lecture.cfm/900500/rabbi-hershel-schachter/dinei-ribbis/ Rav Hershel Schachter (Dinei Ribbis min 35-40)] explained that it is permitted for a yeshiva to lend money on interest for student tuition loans since the money isn't given to the students as a loan and then repaid, it is used to pay off the debt for classes and services provided. Postponing paying for a service isn't derech halvah, the nature of borrowing, and therefore only a rabbinic form of interest, which is permitted for a yeshiva.</ref> | # It is permitted for the yeshiva to give out student loans for tuition with interest since it is only a rabbinic form of interest in that the money was never given to the students to spend and a yeshiva is allowed to taking rabbinic forms of interest.<ref>[https://www.yutorah.org/sidebar/lecture.cfm/900500/rabbi-hershel-schachter/dinei-ribbis/ Rav Hershel Schachter (Dinei Ribbis min 35-40)] explained that it is permitted for a yeshiva to lend money on interest for student tuition loans since the money isn't given to the students as a loan and then repaid, it is used to pay off the debt for classes and services provided. Postponing paying for a service isn't derech halvah, the nature of borrowing, and therefore only a rabbinic form of interest, which is permitted for a yeshiva.</ref> | ||
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===Taking a Loan only to Benefit the Lender=== | ===Taking a Loan only to Benefit the Lender=== | ||
# If someone takes a loan only for the benefit of the lender it is permitted for the borrower to let the lender benefit from the borrower's property. For example, if someone doesn't need a house and does a favor to the poor contractor and instructs him to build it and he'll be paid for his expenses. Additionally the contractor can live in the house afterwards for free. That is considered permitted even though the lender is benefiting from the lender's property since it isn't considered a loan at all but a nice deed of the borrower.<ref>Rif responsa 102, Sefer Hatrumot 4:26, Rama 166:3, Brit Yehuda 2:20</ref> | # If someone takes a loan only for the benefit of the lender it is permitted for the borrower to let the lender benefit from the borrower's property. For example, if someone doesn't need a house and does a favor to the poor contractor and instructs him to build it and he'll be paid for his expenses. Additionally the contractor can live in the house afterwards for free. That is considered permitted even though the lender is benefiting from the lender's property since it isn't considered a loan at all but a nice deed of the borrower.<ref>Rif responsa 102, Sefer Hatrumot 4:26, Rama 166:3, Brit Yehuda 2:20. See Peleti 161 referencing 166:3. </ref> | ||
# Some poskim allow someone who wants to benefit a poor person or a talmid chacham to take a loan for him on interest. If that borrower makes money he needs to pay it entirely to the lender. Since he is doing it as a favor to the lender it isn't interest.<ref>Brit Yehuda 2:20. However, Chelkat Binyamin 166:3 biurim s.v. mi takes another approach based on the Levush that limits the Rama's leniency to where no money of the borrower enters the hands of the lender.</ref> | # Some poskim allow someone who wants to benefit a poor person or a talmid chacham to take a loan for him on interest. If that borrower makes money he needs to pay it entirely to the lender. Since he is doing it as a favor to the lender it isn't interest.<ref>Brit Yehuda 2:20. However, Chelkat Binyamin 166:3 biurim s.v. mi takes another approach based on the Levush that limits the Rama's leniency to where no money of the borrower enters the hands of the lender.</ref> | ||
