Money lending in England in the twelfth century was insane compared to today’s access to credit. If security or collateral was excellent then the usual rate was 2 pence on the pound per week; this is the equivalent of over 43% per year or over 52% if compounded.
And if you had bad credit, watch out. People with poor credit would expect to pay an annual rate of between 80 to 120%, and be happy.
© 2006 Myvesta.org.uk
And if you had bad credit, watch out. People with poor credit would expect to pay an annual rate of between 80 to 120%, and be happy.
© 2006 Myvesta.org.uk