Representative APR 1081% (variable)- Interest 292% pa (fixed)


Paydayloan123. Loans from £50 to £750. Apply Now.

A History of Loans

Written By On

A History of Loans

Payday loans strike up conversation whenever they are mentioned and whatever your viewpoint, you can’t deny that that they can be extremely useful. This goes for all loans – you experience a sigh of a relief when you get a loan through and are able to pay off any crushing debts or unexpected bills.

Some people might be under the impression that loans are a modern day phenomenon. However, if you take a look at this infographic you’ll see their rich history stretches back to biblical times.

History of Loans

Oh, Henry!

The loan business really started getting interesting in the 1500s under the rule of King Henry VIII. He introduced the Usary Act in 1545 that brought into law the rule that loans had to have a 10% interest cap. This means that fairness was brought into the industry … Imagine what it was like before regulations! It would have been murder to find a fair loaner.

Is it That Much?

You might not know anyone who has ever taken out a loan; or you might know a whole host of people who have taken out a loan, but whichever the case, the following fact might surprise you. It was estimated that in 2011/2012 there were 8.2 million loans taken out in this country. That’s a large proportion of the population taking out loans. It makes sense then that the market is estimated to be worth around £2,000,000,000! For those who can’t be bothered to count their ‘0s’ that’s 2 Billion pounds. A very large number indeed.

Is it Sensible?

Is it sensible to take out a loan? Well, that depends if you are a sensible person. A loan is obviously not free money – you have to pay interest on it; you surely know this. The estimated cost of taking out a loan worth £100 is £25. So you’d be paying back £125 at the end of the loan period. If you need the money desperately then what’s £25? Not a lot if it’s going to keep the landlord away; or the taxman.

Helpful?

The history of loans is a long one, and it’s a concept that has been in the human psyche ever since money was invented. Now knowing the history isn’t going to help you if you just want some money quickly, however that’s why this infographic is helpful as it lets you know that it can be a safe thing to do. There are many scare stories on the internet and the news, but know that if you are sensible, applying for a payday loan might be a good option. They are quick, cheap, and easy. If you’re worrying about money, can you really put a price on a calm mind?

 

About the author

Peter Davis Peter Davis is a Marketing Analyst at PaydayLoan123 specialising in financial products. Peter writes most of our articles as he stays up to date with the latest information. He enjoys most sports, particularly playing football and watching his favourite football team. Peter really like his food too as we have all witnessed first hand!

Comments are closed.