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Loans
Loans, or lending and borrowing predates not only written records and logs, but also money itself. It is widely recorded from thousands of years ago, you could loan tools or manpower and the like, if you paid back something in interest either on borrowing or on return. In effect we have a very early record of interest repayments.
Loans of a monetary value are mentioned in the bible, however modern day lending and terms of borrowing are recorded from as much later date. The earliest form of loaning money we could find comes from medieval times in England. The wealthy and landowners would organise contracts for peasants who needed larger sums of money than they could earn in a short time. These where called indenture loans, or indentured servitude. Normally given to those who wanted to get on the property ladder or needed to travel safely somewhere where it was not possible walk safely, the landowner would secure the property, or safe passage, then have the peasant work of the debt. Now that is what we call interest repayments! Can you imagines banks doing that today!
Real banks where growing in stature whilst this type of slave labour was going on, and it wasn't long before they took over the majority of lending throughout England. Initially started in Italy, moneylenders would charge proper interest on monetary loans, and collect weekly. It is actually from the Italian language where the words 'bank' and 'bankrupt' come from.
Nowadays loans and lending is much more organised and regulated. Terms are clearly set out in an agreement. Loans are the backbone to our economy. As we found out in 2008/09, if banks and finance institutes stop lending, the economy implodes. Without finance, items that are taken for granted everyday, fail to sell. Products like cars, white goods, home improvements, and many high end home electrical equipment is usually financed with a loan. If the finance isn't made available, products don't sell, leading to job losses and high unemployment. It is a trap that we seem not to be able to break, meaning loans and lending are here to stay.
Most lenders are reputable, and have to adhere to government guidelines whenever they lend sums to borrowers. This is to try and eradicate 'loan sharks', and hopefully keep all agreements affordable and within reason.
There are many forms of loans, including short, medium and long term agreements, finance for very small amounts, or even for astronomical amounts. Loans can be secured or unsecured, so you either have to use your home or property as security in case you default on repayments, or the opposite.
You can get a payday cash advance, which means you get a small amount of money paid back when your monthly or weekly salary hits your bank account.
You can get finance for cars, caravans or just about anything and we have tried to list all the companies, be it actual lenders, or brokers in our categorised directory listings.
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