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Lending Industry

Why The Lending Industry Is In Dire Need Of Reforms

Lending is mostly done by lending firms, it’s these lending firms that provide lending services to businesses and people with interest, collateral or no collateral. It’s an option that most people get for some personal reasons and for business reasons and the fact of the matter is that most people avail these loans. Heck even if you’re rich you still would want to get a loan for an investment and so on.

lending firms

Instant cash, that is what loans are, it’s an instant cash provided to the people or company that is worthy of getting one. It’s a billion-dollar business that is black and white in terms of its rules and surprisingly is still a type of business that has various fraudulent creditors that preys on people or business that are in dire need of cash. That is why the “Mark Curry loans” are being pushed.

What is this? Mark Curry is name in the financial world and has founded many companies including Reform Online Lending, it aims to push reforms in the lending industry that helps protects the lenders and push for self-policing in the industry to improve the quality of service and rule out the fraudulent lenders in the process. It’s a bold move that will only be successful if Congress will push for it and the lending companies themselves would want that change.

So why is reform good in the lending industry: The lending industry is one of the industries that are less regulated and there are more illegal practices than the legal ones. This is because illegal practices provides more credit to people even with bad credit scores, while their collection practices are questionable there is not denying that there are many people that seek financial freedom for better life and for business, they grab these opportunities even of in one of the conditions are somewhat unfavorable and for the most part people that lend in these loan sharks get more buried in debt leaving only lending companies to become rich and take advantage of the situation.

Why is self-policing good in the lending industry: Self-policing aims to correct bad practices and make a standard practice that is more sound and agreeable on both parties and actually makes lending companies become less evil in the eyes of their lenders. Of course, this will not be an overnight success, it will take years and it will need everyone’s participation and Mark Curry’s online lending reform is leading the change.

Lending is not just a want but a necessity that business and people are getting. Money runs the world and without that, life and business can’t move forward and lending companies can provide that service. An access to credits that qualified people can tap into. While its a very promising concept that experienced success in many years, there’s no denying that there are also a ton of bad practices that stem from lending. Lending reform plans to address all that, aiming to create better practices and standards that will be favorable to both parties.