Bassanio seeks out Shylock, a Jewish moneylender, for a loan of three thousand ducats on the strength of Antonio's credit. Shylock is hesitant about lending Bassanio the money. He knows for a fact that Antonio is a rich man, but he also knows that all of Antonio's money is invested in his merchant fleet. At the present time, Antonio's ships are bound for distant places, and therefore vulnerable to many perils at sea. Yet he says finally, "I think I may take his bond." He refuses Bassanio's invitation to dinner, however; he will do business with Christians, but it is against his principles to eat with them.
When Antonio suddenly appears, Shylock (in an aside) expresses contempt for him, saying that he hates Antonio because he is a Christian, but more important, he hates Antonio because Antonio lends money to people without charging interest; moreover, Antonio publicly condemns Shylock for charging excessive interest in his moneylending business. Finally, though, Shylock agrees to lend Bassanio the three thousand ducats. Antonio then says that he — as a rule — never lends nor borrows money by taking or giving interest. Yet because of his friend Bassanio's pressing need, Antonio is willing to break this rule. The term of the loan will be for three months, and Antonio will give his bond as security.
