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Taking Interest: Difference between revisions
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==Basics== | ==Basics== | ||
# Rabbi Yosef Haim presents the general rule that no extra money can be collected in return for lending. <ref> BI"H, Vaetchanan, 6 </ref> | # Rabbi Yosef Haim presents the general rule that no extra money can be collected in return for lending. <ref> BI"H, Vaetchanan, 6 </ref> | ||
# If one collected interest then one is obligated to return it. <ref> Kitzur S"A 65:2 </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>S”A Y”D 176:6, Rama Y”D 161:1, The gemara BM 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>S”A Y”D 176:6, Rama Y”D 161:1, The gemara BM 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> | ||
# It is prohibited to lend with interest even if the borrower is wealthy and willingly agrees to pay the interest. <ref> Shulchan Aruch YD 160:1,4. </ref> It is prohibited even in cases where it seems entirely fair such as reimbursing the lender for the interest he was earning while his money was in a non-Jewish bank. <ref> Iggerot Moshe YD 3:93 </ref> | # It is prohibited to lend with interest even if the borrower is wealthy and willingly agrees to pay the interest. <ref> Shulchan Aruch YD 160:1,4. </ref> It is prohibited even in cases where it seems entirely fair such as reimbursing the lender for the interest he was earning while his money was in a non-Jewish bank. <ref> Iggerot Moshe YD 3:93 </ref> | ||
