Usury in Biblical History

Bible History

Schaff's Bible Dictionary

Definitions in Biblical History
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What is Usury?
U'SURY
, by modern usage, means exorbitant or unlawful interest, but in the Scriptures it means simply interest. The Law of Moses prohibited the Jews from taking any interest of each other for the loan of money or of anything else, though they were allowed to take it of foreigners. The exchangers of money were in the habit of receiving it at low interest and loaning it at high interest, taking the difference for their gain. Eze 22:12. The practice of usury is severely denounced in the Scriptures. Neh 5:7, 1 Kgs 16:10; Ps 15:5; Prov 28:8. It has sometimes been asked why the Jews were permitted to take usury of strangers, while they were forbidden to take it of each other. It is quite clear that the civil economy of the Jewish state excluded the general use of usury as a means of gain in a medium of exchange. They had no commerce with foreign nations, as we have in modern times, or as the Gentile nations had in that age. They had their inheritance apportioned to them in the division of the land, and were rather branches of the same family settled together than independent communities, and their united business transactions were to be of the most friendly nature. In dealing with foreigners whose object was gain, they were allowed to avail themselves of the ordinary principles of trade.

Bibliography Information
Schaff, Philip, Dr. "Biblical Definition for 'usury' in Schaffs Bible Dictionary".
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