Even though the earliest example of lending is often quoted as originating in ancient Greece, the oldest recorded evidence of lending actually dates back to ancient
Mesopotamia. The very first large-scale systems of loans and credit took part in Sumerian temples, of all places, while the famous Babylonian
Code of Hammurabi - one of the earliest and most complete written legal codes - defines, among other things, the price of silver and how the interest charged on silver loans was to be regulated.
Skipping 4000 years in the future, and here we are - in the "mysterious" land of
everything digital, including loans. Throughout history, the basic premise behind lending hasn't changed, however, the way lending happens has changed radically.
What Is A Mobile Loan?
Simply put, digital lending relies on technology to offer loans, perform credit evaluations, authenticate loans, and manage payments, all
through online platforms and digital apps. The whole
lending process is digitized and performed remotely, frequently through the mobile phone.