One may act as a guarantor for an interest-bearing loan advanced by a non-Jew to a Jew, structured so that there is no interest payment if the borrower pays back to the guarantor.
One may assume an interest-bearing loan given by a non-Jew to a Jew, but the non-Jew must agree, for otherwise, one would, in fact, be paying interest to the first borrower, who would then be paying it to the lender.
If a non-Jew lent money on interest to a Jew and then converted, he may still collect interest if, before his conversion, he establishes it as a new loan, in the amount of principal plus interest.
Art: Rudolph Ernst - A Hard Bargain
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