Mount of Piety

Mount of Piety is a literal translation from " [http://es.wikipedia.org/wiki/Montes_de_Piedad Montes de Piedad] " or "Pío Monte". There is no colloquial term to describe this Franciscan charity institution . Formed in the 15th century in Italy, their aim was to eradicate usury through low- or non-interest paying loans. Advances were made against some kind of collateral in pawn (typically, jewellery or real estate). Initial capital was raised through charitable donantions and then, following its original Thomist Philosophy, the Mounts would only finance short-term needs.

The Mount of Piety is a different organisational form from the so-called Montepío, which appeared during the second half of the 18th century. The Montepío was a mutual, agnostic, and government controlled institution established by craftsmen or lesser standing professionals to care for members' needs when disabled or rehabilitating. They operated under a Patron Saint and in a church or monastery but without any religious obligation (and many had an ephemeral life).