Stocks

Moneylender through the centuries

Usury is described in history textbooks and is studied as a concept in schools. The principle by which a money lender conducts business arose earlier than the first money or other measure of settlement was invented. At first, wealthy people lent livestock or grain for a certain period. At the end of the pre-agreed period, the borrower had to return the taken goods in a larger amount, not a bag of grain, but two, not two bulls, but five. Each moneylender set his “mark-up” for the use of the property transferred to him.

In European countries, feudal lords, merchants and peasants resorted to the services of moneylenders. Representatives of this sphere quickly made a fortune at the expense of debtors and interest. Some borrowers were completely left without property due to overwhelming commissions, which were accumulated during the time of use. Others fell into debt bondage or other relatives paid for them. Now, in order not to get into such an unpleasant situation, you need to pay the agreed amount in time and find a good licensed money lender. In some states, usurious activity was considered shameful, creditors were not respected, they were considered immoral persons. Now these organizations sometimes help many people.

Usury from conventional loans of banking institutions has such differences:

  • -Moneylenders do not always fix the loan conditions documented, an agreement exists only in words.
  • -When it is time to pay the debt, private lenders may resort to serious measures.
  • -Loan sharks do not practice interest-free loans.

Whether to contact usurers or not depends on the specific life situation. There are situations when there is no time to apply to the bank for a loan or a financial institution has already refused: the only possible variant is to take money from usurers.

Image by S K from Pixabay

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