In years gone past, a bank was viewed as a place where people could deposit their money in order to keep it safe, and this concept goes back to ancient times. But the person who came up with the idea of a bank loan – or a bank that loans out money to people for an interest charge, can be credited with one of the most important inventions of all time.
Today, when we think about banks we think of bank loans not bank accounts. Nearly everyone who has a bank account has a bank loan of some sort, and these days banks offer loans for every imaginable need or requirement. All of which comes at a nice interest though!
My first relationship with a bank was when I opened my first school based savings account. But it has been the bank loans that have made me dependent on the bank for my survival. My first bank loan was taken when I wanted to buy a flat because just like now, no one had enough money to spare to make big ticket purchases like a flat or an apartment, without having to resort to a bank loan.
