In my point of view, it is great that people can easily get loans. It is great that even those who are into a huge financial trouble and bad credit history can apply for some sort of loan. This system has big benefits but what makes it bad is when people are not being responsible about it.
People should think that when they get themselves an online personal loan, a mortgage, payday loan, car loan, or others, they are actually capable of paying the loan back. One should never borrow more than what he can pay back within the agreed period of time. Otherwise, this great system of loaning people money when they really need it will eventually crash.
So the next time you apply for a loan, think that there is also a responsibility attached to it.