The United States has not developed small-loan products like China's Huabei and Jiebei due to a complex web of regulatory and market barriers. Despite a demand for microcredit, with 5.6 million U.S. households unbanked and 19 million underbanked, the U.S. financial system remains dominated by high-cost credit cards. The 2023 FDIC survey highlights that many Americans lack bank accounts due to insufficient funds or distrust in banks, leading them to rely on expensive payday loans with interest rates up to 400%. The U.S. regulatory environment, characterized by stringent federal and state laws, high compliance costs, and privacy regulations, has stifled the growth of internet-based microcredit. Additionally, Wall Street's valuation penalties for tech companies entering financial services and the dominance of major banks in consumer credit have further hindered the development of small-loan products. As a result, credit cards remain the primary credit tool, with outstanding balances reaching $1.28 trillion by the end of 2025, despite their high interest rates and predatory lending nature.