Loans are borrowed money that is paid for in terms of interest and with or without collateral. There are many types of loans for business and for personal, there are also many people that use these loans for personal and for business uses. It’s a billion dollar industry and ideally if everything goes well, it’s a very easy business. The loan company gets their money back with interest and the person or business entity that got the loan got the help that they needed.
While that is a very idealistic concept, it’s not always like that, for the reason that while the industry has been existent for so long, it comes as a surprise that even after the 21st century there are still bad practices that lending companies are doing and it always has been affecting the industry. There are many businesses that got revolutionized and is now in many ways better like e-commerce for example. It wasn’t smooth sailing from the start but eventually, it became bigger and better, but how about the lending industry? While there are many ways to lend, the bad practices are still there.
So what is the answer? The answer that most people see are reforms, it’s hard to kill old habits but with reforms and with new technologies that is about to change. While some are not open to this, some are, in the hopes that the reform can entice more people to get a loan and remove the negative stigma about lending firms.
Reform Online Lending: What is reform online lending? This is what some people call as the Mark Curry loans reform, an online reform group that is founded by the Philanthropic Mark Curry in the hopes to transform the lending industry to be better at its practices. Its primary aim was to preserve that access of consumers to credit, entertain self-policing to the industry and root out frauds that are plaguing the industry and gave it a bad name.
Is this going to be the future: Although it’s still in its earlier stages and there hasn’t been a wide scale traction when it comes to the reform, it is a very promising reform given that some lending firms themselves are aware of these fraudulent practices and they want to eliminate it for the sake of the industry. As the world moves forward with the future, you can certainly expect that there will be ways and processes that will be devised, made and agreed to cater to this positive change.
Loans are basically borrowed money, while it’s easy to have a loaning business, the legal ones saw opportunities to the process in which they want to change. Even if lending is a very old way of doing business, surprisingly it’s still is not self-regulating and orderly as people had thought and it has a ton of negative feedback solely because of fraudulent and illegal practices from loan companies themselves. This is why some of the loan firms are asking for a reform and Reform Online Lending is at the forefront of that change.