Bank loan history can probably date back to perhaps since their have been property owners. Where the owners would give to poverty stricken individuals the loan they would need to buy land. The way they would pay for the loans was by working the debt off for the property owners. A major problem with this was that the lenders would always raise there interest on their loans and the borrower would never end up paying for their debt. In a way it would end up being a modern way of slavery even after it was abolished in the U.S and
Later came the Italians that would set up tables or benches in the small towns also offering loans. The word Bank comes from the Italian translation that is “banca” which later in time would become Bank in English. The Italians would conduct their business with the people in these small towns and would become very wealthy. However it was not the same for all of them. When one of them would not get paid back and would loose money the other moneylenders would break their bench or table as a tradition which was called “ banca rupta” which basically translated into breaking bench. This was later also translated into English as well into the modern day term of “Bankrupt”.
As time went on of course banks where built and these terms where adopted into their very way of business. The rest is history.
