Proverbs 6 has six big DO NOTS. Let us look at the first one today:
Do Not Ever Co-Sign a Note
In thirty-seven years of ministry here in Las Vegas, there have been many times people have asked me to co-sign on a loan. It was to help them out of a tight situation they found themselves in financially. Because of this passage of Scripture, we have made it a policy never to co-sign. If I cannot give someone the money they need, than I should never put my name on a note that will put me in worse financial shape than I am right now. If I cannot give it, I will not lend it.
Verse 1 - God says that you should not go with a friend to a stranger and promise that he will pay with your name as guarantee.
Verse 2 - Your words will trap you. Remember Proverbs 22:11, says, “the borrower is servant to the lender.”
You may be reading this and thinking - What if I have already done this? Solomon answers that question.
1. He says, “Get out of the situation as soon as you can.”
2. Humble yourself before your friend. Tell him you cannot afford this. Often times, our pride causes us to over commit in areas God does not want us to commit.
3. Make sure your friend - the words make sure means to strengthen or to help his pride. Let your friend know he can do it without you. Strengthen him. Let him see he is as good or better than you are and he does not need your help. If he cannot get the loan on his own then you certainly do not want to help him get in worse shape than he is in right now.
4. Solomon goes on to say, this is more important than sleep. He says in verse 4, “Give not sleep to thine eyes, nor slumber to thine eyelids. Deliver thyself as a roe.” You are like a roebuck or a gazelle. You are being hunted. Run from co-signing like you would if you were a deer, and you saw a man with a gun aiming it at your head. RUN. RUN. RUN. Never co-sign a loan.