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 buy their plants to be 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 associated with the first documented regulations for installment loans. (więcej…)