Once Upon a Time
You actually had to show up in person at the bank, savings & loan, credit union or finance company. You needed to have multiple forms of ID. You had to provide verifiable employment, credit and personal references. Then you had to wait anywhere from a few days to a few weeks to find out if you were approved for your home, car or personal loan. Then you had to go sign paperwork in person and collect a check.
A few other niceties also existed. Like a reasonable maximum on your interest rate, by law it could only be so high. Your loan wasn’t immediately sold to some faceless corporation. If you had a situation you could likely go talk to a live person at the same place you made the loan and arrange to be late on a payment without the world coming to an end.
So, how about this modern computer age then?