How The World Would Be Different If Personal Lending Didn't Exist

August 27, 2021 | Emma Frost

historical personal lending in markets

Did you ever think about how did personal lending start? You would probably think it’s interesting that people think of bank loans as the “traditional” way of borrowing money when personal lending existed centuries before them.

Banks as we know them today only started in the 17th century, when Goldsmith of London would rent out their vaults where people could deposit their money. They eventually started offering loans, and other services like promissory notes.

But before banks, there was already personal lending that existed through merchants at seaside docks and village markets—and the world we know today would not exist without it.

Let’s take a deeper look into the history of personal lending and how it morphed into its modern form through title loan places.

How Did The World Benefit From Personal Lending?

Personal Lending Made Global Trade Possible

Personal lenders served local communities. In those small villages and towns, people led simple lives: they grew their own food, made their own clothes, and trade was limited to their own small areas.

But through personal lending, people could grow more crops and produce more goods.

In ancient Mesopotamia, farmers could go to a stall in a temple to borrow seeds. They would then pay it back during harvest time. (This is the origin of the term “seed money”).

In the Medieval period, personal lending helped fuel trade. Merchants could borrow money to buy local goods—like woven fabrics or spices – and then send them to places where they would fetch higher prices.

personal lending in silk road

Personal Lending Encouraged The Spread Of Culture

There are personal lending records of Chinese merchants who engaged in the legendary Silk Road trade route. But as you all remember from history class, the Silk Road didn’t just encourage the spread of goods. It spread culture.

People now had access to different products, food, traditions, and ideas. That’s actually how many culinary influences and religious ideas spread—and why countries connected by the Silk Road bear many influences over their neighbors.

Other historical repercussions include how the galleon trade (and the race to find spices and other rare goods) actually led to the colonization of different countries, as England, Spain, and France sought to protect these important trade routes. Yes, wars were fought so that people could sell goods, but those goods would not have been possible without personal lending.

What Is The Role Of Personal Lending Today?

Personal lending played a big role in history, but where does it fit in modern society? Has it been muscled out by the bigger banks, investment firms, and other financial institutions?

Not at all. Personal lending is alive and thriving, doing what it does best: serving the local community. Without personal lending, people who don’t meet the requirements of traditional banks and other institutions would have nowhere to go.

And in situations like the COVID-19 pandemic, when many people are struggling to get back on their feet, personal lending is even more important. That’s why Wisconsin Auto Title Loans, Inc. offers title loans for people who need to raise emergency cash in a tight timeframe.

By providing loans through a convenient process and requiring a few simple documents, Wisconsin Auto Title Loans, Inc. makes finding title loans near me an easy task. Even people with a low credit score or those who are unable to provide proof of employment still have a chance to qualify.

How Can Personal Lending Help You Out Today?

Are you going through a financial crisis? Do you need to raise money for a medical bill, a car or house repair, or some urgent emergency expense? Starting the process for a title loan is just a click away. You can easily find Wisconsin Auto Title Loans, Inc. locations that provide title loans near me.

Title loans let you borrow up to $15,000 using your vehicle title as collateral. You can use a car, van, or truck that is registered under your name and is lien-free (meaning it has no outstanding loans or judgments against it).

title loans as personal lending

How To Qualify For Auto Title Loans Near Me

As we mentioned, going through the process is fast, easy, and convenient. Here is what you need to do:

  • You can contact any of our store locations by calling 800-514-2274, or better yet, you can fill out an online inquiry form on Wisconsin Auto Title Loans, Inc.
  • A store representative will call you to explain the process, requirements and answer any questions you may have. They will also schedule an appointment with you at the nearest branch or a location of your choice.
  • Meet with the representative and be sure to bring your vehicle, the lien-free title, and a government-issued ID.
  • The representative will verify your documents and conduct a quick vehicle inspection. If you are approved, you just have to do some simple final paperwork and you’re done.

The whole process takes 30 minutes or less and you receive your loan on the same day or the following banking day!

Get Title Loans Near Me

Personal lending has existed for centuries for one simple reason: it’s a service that has helped people and communities survive financial challenges and even thrive. If you think you need that kind of assistance now, reach out to Wisconsin Auto Title Loans, Inc. today by submitting an online form.