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Taking Interest: Difference between revisions
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→Taking a Loan only to Benefit the Lender
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# It is forbidden to stipulate that you will lend me money and I'll hire you for a fair price because that is considered as though one is paying them for the loan. There is a dispute if this is Biblical or rabbinic interest.<ref>Maharam (kirmona edition, responsa 257), Rama Y.D. 166:3. Chelkat Binyamin 160:43 writes that the Maharam writes that it is Biblical interest, while the Rama 166:3 implies it is only rabbinic interest. He concludes that it is an unresolved dispute.</ref> | # It is forbidden to stipulate that you will lend me money and I'll hire you for a fair price because that is considered as though one is paying them for the loan. There is a dispute if this is Biblical or rabbinic interest.<ref>Maharam (kirmona edition, responsa 257), Rama Y.D. 166:3. Chelkat Binyamin 160:43 writes that the Maharam writes that it is Biblical interest, while the Rama 166:3 implies it is only rabbinic interest. He concludes that it is an unresolved dispute.</ref> | ||
# It is forbidden to lend money to someone and in the same situation be hired by him for a fare price because that appears to be interest. However, it is permitted if it is done in two settings. Alternatively, it is permitted if the loan is given as a complete gift even though the borrower is likely to give the gift back.<ref>Rama 166:3, Chelkat Binyamin 166:45, Shulchan Aruch Y.D. 177:13</ref> | # It is forbidden to lend money to someone and in the same situation be hired by him for a fare price because that appears to be interest. However, it is permitted if it is done in two settings. Alternatively, it is permitted if the loan is given as a complete gift even though the borrower is likely to give the gift back.<ref>Rama 166:3, Chelkat Binyamin 166:45, Shulchan Aruch Y.D. 177:13</ref> | ||
==Paying for the Fees and Other Losses of the Lender== | |||
# It is forbidden for the borrower to pay for a loss than the lender incurred because the borrower didn't pay back on time. This includes a loss of profits<ref>Rashba 3:227 writes that it is forbidden to pay for the loss of profits of the lender, otherwise no ribbit would be forbidden.</ref> and a loss if he had to take out an interest loan from a non-Jew.<ref>Chelkat Binyamin 161:8. See Shevet Halevi 9:172 who forbids paying for lost profits but permits paying for interest payments the lender made to a non-Jew since that is considered like a damage he incurred because of the borrower.</ref> For example, if one Jew borrows another Jew's credit card and doesn't pay back on time if the credit card owner ends up paying the interest to the credit card company the borrower may not repay that interest to the lender.<ref>Laws of Interest 4:5 p. 79</ref> | |||
# It is permitted for the borrower to pay for the writing of the contract, even for a part investment which is also for the benefit of the lender, for the security of the loan, and for the fee of extracting the money from the bank if the lender wasn't also doing it for himself.<ref>Chelkat Binyamin 161:8</ref> | |||
# For example, if the lender is penalized by the bank for taking out his money early from an investment (such as a CD) in order to lend that money the borrower can pay for that fee.<ref>Chelkat Binyamin 161:8. Laws of Interest p. 82 fnt. 16 cites Rabbi J. David Bleich who argues.</ref> This applies specifically if he lost some of the capital or he already acquired interest and is now penalized, however, if he didn't yet acquire the interest the borrower may not pay for that loss.<ref>Laws of Interest 4:9 p. 81</ref> | |||
# A gamach which charges a fee for a loan in order to ensure the upkeep of the gamach is a question but some permit it, yet it is better to do so without stipulating that it be paid. Either way the fee shouldn't be dependent on the amount of the loan.<ref>Chelkat Binyamin 161:8</ref> | |||
# It is forbidden to pay the lender for his time and effort even if it meant he took off from work to arrange this.<ref>Laws of Interest 4:2, p. 79</ref> | |||
==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</ref> | ||
