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!
You right so many people have used loan to achieve a lot for themselves, it can be possible for those who understands value and for sure they can take loan and make good value from it. It is not bad going for loan, the problem about loan, some people go for just to achieve things that won't add any value to them and the worst of it is that it could be an amount of loan that would be so difficult to pay back.
Loans a good advantage for people who understands money and knows how to generate money with money. As for those who thinks they need loans to meet up with their needs, then it will be easy for loan company to male money from interest.