We have evidence of this practice dating back to 3500 BC while it is believed that installment loans are a fairly new concept! It really is thought that the installment loan is made in the 1st known civilization that is urban. Sumer was at what exactly is 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 clearly was proof that farmers took installment loans to purchase their plants become repaid at a future date, a training that nevertheless occurs today in our contemporary world.
In 1800 BC in Babylon, today’s central Iraq, there is certainly some regarding the first documented regulations for installment loans.