• partial_accumen@lemmy.world
    link
    fedilink
    arrow-up
    1
    ·
    edit-2
    1 day ago

    However, being local

    Local meaning what does local have to do with it unless you’re allowing that bank to make a subjective decision about lending to you because they know you or the area? That’s how we got people of color being denied loans for houses in certain areas of town via “Redlining”. If we allowed this we might also have discrimination based on being LGBTQ or being an unmarried mother.

    and requiring proper collateral instead of just giving n people money en mass

    So if you need to get a car loan, and you don’t own any assets to put forth for collateral you just don’t get a car?

    Furthermore, if people couldn’t get loans for school so easily (in fact, guaranteed!) then college tuition would be but a fraction of what it is today.

    Furthermore, if people couldn’t get loans for school so easily (in fact, guaranteed!) then college tuition would be but a fraction of what it is today.

    And college would only be available to the rich that already have money, or the middle class with assets (like a house) to borrow against. The poor, without money or assets, would be shut out entirely.