Hacker News Reader

Only if loan companies can freely deny loans to folks who cannot prove their credit worthiness (spoiler alert: that's a lot of lower class/immigrants/disadvantage populations). Credit is a complex problem that simple "common sense" solutions will never adequately address.

View on HN

Actually I think @simplicio might have hit the nail on the head. If you want to take out a line of credit from a bank, you have to be physically present at the bank to do so.

It would inconvenience SOME who don't live near a bank and shopping loan offers around will be harder than going on Quicken Loans, but it would also make it nearly impossible for the giant crime-rings that outside of the US to steal identities and open up credit cards.

Every purchase you make with a credit card is a loan. Rapidly available, distributed credit is an amazing thing for society. I think both the genie is out of the bottle on the current credit paradigm. Forcing people to go to a physical location to conduct routine business should not be the primary solution to a problem in the 21st century.

Yes, but the line of credit is the credit card, not the purchase. You wouldn't have to go to a bank every time you wanted to buy something on a credit card, but you would have to go there to get a card.

Reply on news.ycombinator.com