While it is believed that installment loans are a reasonably brand new concept, we now have proof this training dating back once again to 3500 BC! Sumer was in what’s now Southern Iraq together with a robust agricultural community despite the fact that 89% of these populace lived in a metropolitan environment. There is certainly proof that farmers took installment loans to buy their plants become reimbursed at a practice that nevertheless takes place today in our contemporary world.
In 1800 BC in Babylon, today’s central Iraq, there is some regarding the first documented regulations for installment loans. Continue reading