The history of the loan market is one that is rich in intrigue, and comprised of interesting milestones. This infographic does a good job of highlighting some of these milestones. Here is what it says:
• It begins by mentioning how loans have been around (at least) as far back as the biblical Old Testament period. This is backed by the law forbidding Israelites from giving loans to fellow Israelis. It gives a few notable examples of coins and other money forms that were used in the bible in the New Testament.
• The second point educates us on the etymology of the word “pawn”, mentioning its origin around 600AD. It also talks about the introduction of the groat, and the Usury Act, which was introduced in 1545 by Henry the VIII.
• There is also a look at the history of the pound coin, with the interesting point that since 1983 the coin has borne the image of the Queen.
• There is also a look at how big the loan industry has grown to, by highlighting some current industry figures. The figures show that around 10 million loans were taken out in 2012. That is quite some number.
With the loan market now worth around £2 billion it is obvious that it has come a long way from its early days, when just 240 lenders plied their trade. Loans are now a key part of the way we live. Mortgages, Car Loans, DIY Loans and Short Term Loans are now mature in the market. As consumers we have become used to taking loans, and use them to increase our lifestyle and improve our financial flexibility.
Original Infographicsource : www.paydayloan123.co.uk