The future of the loans market is assured. Personal loans and other forms of lending have been around for many centuries. They won’t be leaving anytime soon. The concept of lending is one that has been around for centuries as it is in human nature to engage in conversation and commerce. But what will loans be like in 100 years?
The first form of loans were the indentured loans in the early 1800’s. These loans were a method that allowed the landed gentry and wealthy tradespeople to borrow money for the purchase of land or a house. In return, the lender would be expected to work off their debt by working on the lender’s estate.
Fast forward to the modern era and we have many new types of loans. Most of them are backed up by a banking establishment but there are also many independent loans brokers. So, what will the future of loans be? And what will loans be like in 100 years?
With the rise of cryptocurrency, there is a huge possibility that we may see a return towards the old Indentured loans model. Imagine if you will, cryptocurrency loans where a potential lender can offer you money to purchase what you need. In return, you offer your computer to the cryptocurrency network as additional processing power.
It is an interesting concept and one that may come to pass soon enough. Otherwise, we are definitely going to see a lot of movement towards longer loan periods. We will also see more digital dependency, especially when it comes to comparing loans and rates. Additional transparency can only be good for the lending market, and so we are excited to see what the future holds.