I don’t know that the loan concept is what’s broken as much as the idea of the bank itself. To me, the idea of credit unions makes a pretty good alternative to banks. At least every CU I’ve belonged to has been owned by the members, and the profits they made were used to subsidize interest rates for members needing a loan or, in some cases, a portion was paid out as a dividend at the end of the year to members.
I don’t know that the loan concept is what’s broken as much as the idea of the bank itself. To me, the idea of credit unions makes a pretty good alternative to banks. At least every CU I’ve belonged to has been owned by the members, and the profits they made were used to subsidize interest rates for members needing a loan or, in some cases, a portion was paid out as a dividend at the end of the year to members.