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This is a Literature Review study.

The decline of a credit instrument that reigned supreme: the sea loan in Spanish Atlantic world trade, c. 1740–1820

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The decline of sea loans marks a significant shift in Spanish colonial commerce, largely due to regulatory changes.
After 1778, free-trade regulations led to increased competition, causing profit margins to narrow significantly.
The widespread use of sea loans before 1780 allowed lenders to charge higher interest rates without breaching usury laws.
Such regulatory changes not only impacted the sea loan's popularity but also altered the nature of Spanish transatlantic commerce.

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Analysis reveals that free-trade regulations reduced profit margins in Spanish colonial trade, highlighting the decline of sea loans.

Xabier Lamikiz (2025) studied this question.

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