October 12, 2015 12:00 AM Eastern Daylight Time LONDON–(BUSINESS WIRE)–Mega-infographic produced by CashFloat, a trading style of Western Circle Ltd (WCL), reveals the amazing history of credit, from ancient temples to online payday loans.
From the ancient loaning method of Hawala through to the online payday loans of today, loaning methods and banking systems have undergone many drastic changes. The earliest forms of banking were actually ancient temples, where merchants would leave their goods for safekeeping. Banks then developed into large institutions that catered for the wealthy, upper-class members of society, which left most citizens unable to open accounts or take out loans. It has been only in the last fifty years that banking institutions have become what they are today, open to all parts of society, enabling millions of people to open accounts and borrow money. However, too much lending led to a sudden collapse of the banking systems, which became known as the credit crunch, the effects of which are still being felt in today’s economy.
“Loaning is now needed more than ever, with online payday loan companies helping over two million people in the UK to tide them over until their next wage from work” said Jeremy Lloyd, Managing Director at WCL.
With the new mega-infographic people can scroll through hundred years of credit and get the wider perspective of this complex market segment. The Grand History Of Credit mega-infographic can be found here.
