Personal loans are still possible without using the Loan Pool system. We believe they will be much less available as most people will go to the Loan Pool, but, when there is high demand for the loan pool, personal loans may be used. In a personal loan, an account holder gives a user cash in exchange for an IOU. This IOU may or may not be part of the public ledger.
Usury laws may be established to limit the abuse of tight money, but these should be enforced via rule of law. Fortunately, the public ledger will help us here. The person making the loan will risk his right to be repaid if he issues it through the private account.
Since our system is automatic and instant, we can provide for the automated repayment of loans.