Reputation for installment loans. It really is thought that the installment loan was made in the 1st known metropolitan civilization Sumer.

Reputation for installment loans. It really is thought that the installment loan was made in the 1st known metropolitan civilization Sumer.

We have evidence of this practice dating back to 3500 BC! Sumer was in what is now Southern Iraq and had a robust agricultural community even though 89% of their population lived in an urban setting while it is believed that installment loans are a fairly new concept. There clearly was evidence that farmers took installment loans to purchase their plants become reimbursed at a training that nevertheless occurs today in our contemporary world.

In 1800 BC in Babylon, today’s central Iraq, there is certainly some of this first documented regulations for installment loans. Continua a leggere