Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically do not have access to traditional banking services due to a lack of collateral, steady employment, and a verifiable credit history. The primary aim of microcredit is to support entrepreneurship, facilitate self-employment, and alleviate poverty, particularly in low-income communities.
Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically do not have access to traditional banking services due to a lack of collateral, steady employment, and a verifiable credit history. The primary aim of microcredit is to support entrepreneurship, facilitate self-employment, and alleviate poverty, particularly in low-income communities.
Source: Wikipedia "Microcredit" · CC BY-SA 4.0
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