There has been a recent surge in many services offering quick loans for those with bad credit history. These services offer hassle-free credit to a number of people. These services are often criticised for employing predatory lending practices or charging unfairly high-interest rates. However, these quick loans with bad credit history offer a vital service which would otherwise be very hard to obtain for a lot of their customers.
The importance of credit
It is well established among economists that the prospects of a population improve as they get access to more and more financial services, also called as financial inclusion. An important service is credit and loans. This allows one to borrow money against one’s earning ability and not based on current standing assets. This access to credit and loans when needed allow an individual to take actions with a more long-term perspective. It also allows him or her to deal with an unexpected expense. For example, it allows a person to investcontinue reading →