The ideologies of Democrats and Republicans differ substantially. As far as the economy is concerned, Democrats lean towards more control over businesses, more taxes for the rich. Their focal point of interest is raising the minimum wage and ensuring good working conditions for employees. On the other side of the spectrum, Republicans are against increasing taxes, even for the rich. They encourage businesses to strive with fewer regulations on behalf of the state. They also believe that an employee’s wage should be measured by their professional value, as opposed to being defaulted to a general market standard.
The opinions Democrats and Republicans hold in regards to loans derive from their general economic principles. In the past, lending has been regulated by Republicans under the Obama government by setting stricter rules and limitations on payday loans, increasing credit checks. Afterwards, Democrats have loosened the rules that enforced detailed investigations into the applicants’ credit ability and credit records, arguing that those are the people most in need of a loan. Under the Trump administration, the lending industry has been freed from many limitations, such as location, industry, credit ability, which generated a wave of criticism.
Each government will tweak the rules and regulations on lending according to their ideologies. Statistics show that, nationwide, unified governments generate the best result for the economy in general, regardless of their particular views on loans.