What is a Microcredit?
Microcredit is an extremely small loan given to impoverished people to help them become self-employed. Microcredit is also known as “microlending” or “microloan.”
How Microcredit Works?
- Applicant Completes Pre-Application
- A Consultation and Assessment is Completed
- A Pool of Lenders are Notified
- Applicant is presented with loan terms and amount.
- Applicant completes loan orientation and receives funds at the orientation.
Depending on the applicants readiness for a loan the process can take two weeks to 90 days to get funded. This is not an emergency cash loan. All funds dispersed by this financial product is to be used for business start up, expansion, or growth. Misuse of funds can result in being barred from future loans and rate changes.