Can Mormons borrow money from their church ?

My uncle once claimed that Mormons can borrow money from the Mormon Church . He said ( for example ) if a Mormon wanted to buy a ranch, he could borrow the money from the Mormon Church, and pay it back later . He claimed he was going to become a Mormon, borrow a lot of money from their church, and die before he had to pay it back . My cousin told me the same thing, but that was based on what my uncle told him . I’ve known a lot of Mormons, and I’ve never heard them talk about borrowing money from the Mormon Church . I’ve also never heard about a financially -- strapped Mormon borrow a lot of money from his church to ease his burden . I know there's a lot of misinformation about the Mormon Church, so my uncle might have been wrong . Yahoo ! Answers is my chance to find out -- Can Mormons really borrow money from their church ?

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  • 1 decade ago
    Favorite Answer

    What you are referring is a loan, and the church does not give loans. We have programs that help the needy with food and help people who lose their jobs and such, but we dont just give people loans so they can buy a ranch or car or whatever they'd like

    Source(s): LDS
  • Anonymous
    1 decade ago

    What your Uncle said was wrong. I don't even know where he got that idea.

    Like others have said, if a member of the church is struggling then the church helps out where it can (food, money, clothing) to help the people get back on there feet. But this is never paid back.

    The church recently (4 or more years now) a processor were people can borrow money for the church for College. The church has set up a fund where anybody member can donate to it. Then people that can't afford a good education (mostly in other countries). They can borrow the money to pay for school and then pay it back after they are done with school. I actually don't think there is any interest on the money (if there is it is really small). It just a way of helping each other out.

  • Anonymous
    1 decade ago

    I don't think that is true. The church will help people in need like if they loose their job or something, but they won't loan money. We are encouraged to stay out of debt. The church loaning us money would really encourage debt.

    The only exception to the rule is the Perpetual Education Fund. This is a fund set up for people in underprivileged countries to receive an education. They are given the money for school and in return when they are at a point where they can, then they are asked to donate the amount of money they were given back into the fund so that it will be available for others to use. I don't think there is any interest or monthly payments required, I think it is all on an honor system really- I am not sure though because I live in the US so I am not eligible for the fund.

    Source(s): LDS
  • 1 decade ago

    Having been an active member of the Mormon church for 4 decades, members only can receive food from the Bishop's Storehouse, the relief part of the church, and they can get some bills paid like shut off notices and mortgage payments. Members must also have temple reccommends and be in good standing in order to get this help. In other words, unless you're worthy to a certain standard you're unlikely to get any of this help. I found this to be true across the country.

    Source(s): Plenty of personal experience
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  • 4 years ago

    It sounds to me that the bishop signed as a witness only, not as a co-signer who could be held liable for the $4000 if the other person didn't pay you back. However, I would go back to that bishop and explain the situation. If he is any kind of a good Mormon, he may try to get you your money by contacting the one who borrowed it from you or reimbursing you. They may very well have an internal protocol to help you hold that man accountable, or in the very least, have infomration that you could use to contact him and get your money back. And you know that parable about a fool and his money are easily parted? Yeah. Hopefully, you've learned to not be a fool.

  • Ender
    Lv 6
    1 decade ago

    Nope.

    In the event that you meet financial hardship, the church does have a system in place to help you get back on your feet. They help people with food, find employment, and things like that, but they are not a bank for it's members.

    The answer is No.

  • Anonymous
    4 years ago

    Mormons And Money

  • 1 decade ago

    I dont know if they can borrow. But I know the church helps out the poorer people. Theres a place where they can get food and the church will sometimes give them money to help them out. I think the church sometimes helps people get an education, and they sometimes help people pay for missions.

  • Kerry
    Lv 7
    1 decade ago

    That is not correct. The Church is not a bank nor savings and loan. We Mormons beleive in doing good to all men and serving others. We help each other and try to be of assistance, but money loans is not a part of that.

  • I don't know if that's true or not. But a number of years ago my husband was laid off at his job and the church helped us pay the rent, utilities and buy food. We were never asked to pay the money back. When members are helped out financially like this, we "repay" by doing community service.

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