Bloom is the future of credit. Bloom does not provide loans. Bloom is a platform to migrate all lenders to the Blockchain. From mortgage providers to local credit unions, lenders across the globe will be able to tap into a far more comprehensive credit database with improved global scoring.
Bloom is created a open, and decentralized protocol for lending. IF this works - it will change credit globally.Cons:
There is a HUGE barrier to mass adoption.
Typically, trust and anonymity are at odds. By being on the blockchain, Bloom enables people to trust properties about one another without any centralized authority. The explicit goal is to help lenders pull up people who are good credit risks who the current system deems to be bad credit risks. This allows people who need credit to receive it and for lenders to potentially increase their target markets.