According to my opinion, this loan is better for rich people it is better because they do business. If they need money for a day or two, then they can take it. It will not be difficult for them. If a poor person takes it, it will be difficult to give him money because he has no business.
You are missing the point, loans are good for everybody, it only depends on what you want to use it for, your plan of repayment and the interest payable on the loan. Loans have saved the day for the private and the public, however, what we fear about the "loan apps" is their interest rate, they use people's desperation to exploit them, so not even business people will do well with their Ts&Cs. Can you imagine paying 20-35% on loans borrowed for just a month? That's crazy!
As much as possible, if you need to take a loan, better go to legit routes like banks. Because most online lending apps are scammers. As most of them don't have necessary legit business docs, they can anonymously operate and screw people.
Banks
*Less interest
*Possible payment adjustments if ever you cant be able to repay the monthly amortization
*Regulated
Cons: We do know that they can pull up everything on you as per agreement on which this one is understandable.Therefore, you should be that responsible
on repaying on which its the ethical thing to do since they let you borrow money when you are in need, on which its just right that you do need to repay.
We do hate up banks but these institutions are the best places on taking up some loans on which been said that they are having that bigger less interest in
comparing into those loan apps or companies or even lets say with those financing companies on which having that huge interest that makes that loan is hard to be repaid up.