Why This Italian Bank Accepts Parmesan Cheese as Collateral for Loans
Not all the loans are secured by a property — some of them hold on to cheese!
Banks… No one likes dealing with them. The banking system can be complicated to comprehend, and many of us get lost in it.
Not to mention, it’s hard to figure out all the rules and requirements. Applying for a loan, mortgage, or a credit card is not a walk in the park — you must jump through so many hoops! And banks want to ensure they will be getting their money back, which is why they often ask for substantial collateral.
But there is a bank that doesn’t want your house, car, or any other property as security. What does it want instead? Cheese! Yes, that’s true: there is a bank out there that accepts wheels of cheese as collateral! And not just any cheese: only the authentic Italian high-quality Parmesan, produced by local farmers in one particular part of Italy.
How is it possible, and what does history have to say about this unusual practice? Let’s find out.
Did you get the free NFTs yet? Here’s how I get a FREE NFT every day!
