In the long history of humanity, there was no real possibility of somebody living, say, in Oakland, California, to obtain a loan from a bank located in New York, without even meeting anybody from that bank or having any prior relationship or specific recommendations. Moreover, if you are a representative of lower classes, the best loan you could hope for is probably your local grocer deferring a payment for a week or so. But don't try to pull that on a grocer in the next village, unless you're a noble or something - he doesn't know you, so cash is king. Of course, if you're noble living in a big castle, things are different for you. Unfortunately, most of the people weren't. That's why prototype credit reporting agencies - with people literally having books where they recorded all kinds of info about people, like where they work, how they pay, do they have affairs (there's a risk they'd drop everything and run away with their affair partner if they do), are they gambling, are they drinking, etc. That's what gave the raise to the modern credit reporting agencies. But before that you surely had access to loans, but not nearly at the scale you have now. You didn't have online comparison of 50+ lenders competing to give you, sight unseen, the best rate. You had to convince your local banker, and if he didn't like you (for any reason, including speaking funny, having wrong complexion or not being in a good relationship with one of his friends), tough luck, no loan for you.
