We have evidence of this practice dating back to 3500 BC while it is believed that installment loans are a fairly new concept! It’s thought that the installment loan was made in the 1st known metropolitan civilization Sumer. Sumer was at what’s now Southern Iraq and had a robust agricultural community despite the fact that 89% of these populace lived within an setting that is urban. There was proof that farmers took installment loans to purchase their plants become reimbursed at a training that nevertheless takes place today today.
In 1800 BC in Babylon, today’s central Iraq, there is certainly some of this first documented regulations for installment loans. Into the eighteenth century BC, Hammurabi, the King of Babylon, created regulations saying, “all loans required have general public witness to be valid”. Continue reading “Reputation for installment loans”