Short credit history

The newest forms of credit

The newest forms of credit

MMS Loan Credit is one of the newest forms of credit, but what are the oldest, and where are the SMS loans among the myriad types of credit? Credit is older than money, as they demonstrates in his essay Debt: The First Five Thousand Years. In this article, we’ll look at what SMS/Quick Credit can say about other types of loans, and give a little historical context to the credit history.

In Mesopotamia, long before coinage was invented, it was “lined up” with larger loans engraved on clay slabs. At the entrances and markets loyal customers, both beer and lodging and other goods, were invoiced and, when the harvest came, the debtor returned the amount in full. It was not possible, however, if a year of scarcity occurred, and in the end the people became so indebted that the kings regularly canceled their debts in order to restore some order.

Traces the stages where hard and virtual money

Traces the stages where hard and virtual money

He already mentioned in the history of lending, traces the stages where hard and virtual money alternate between millennia, concluding that we are now in a new era of virtual money, which he does not particularly optimistically call “Debt Empire.” Returning to the subject, fast credit in its present form might be a kind of synthesis between a pawnshop and a loan – pawnshops are like sums, but the very foundation is related to the “fake” or “future money” inherent in a bank loan.

The first pawnshops were established in China some 3,000 years ago, but their operating principles were different from those of modern mortgage stores, as the maximum annual interest rate was 3% and the goods were pledged for years rather than months or days. Lombardy in modern terms is associated with the Medici family in Italy and the province of Lombardy, where they have apparently been widely distributed. Fast credit, though, did not occur until about the 19th, in some sources until the 20th century, until it first became widespread in the late 20th century.

Quick credit from the beginning

Quick credit from the beginning

The quick credit from the beginning was meant to help poor or small entrepreneurs get money. Appeared in the works of various anarchist thinkers – albeit only on an idea level – fast loans in their present form originated in Bangladesh in the late 20th century. Fast credit for developing countries is a real alternative to fruitful ones, but in Europe and other developed countries MMS Loan Credit has a much higher interest rate than in its home region. The West rejected such start-up loans, which could possibly be explained by cultural differences.

So, MMS Loan Credit is something new – the idea of micro-credit in the developing world of the 20th century , tailored to private needs, because Europe will not set up a company with a hundred euros, especially if the loan has to be repaid within 30 days. Indeed, MMS Loan Credit is a new type of credit and only time will tell its sustainability and its real impact on society.