What Are Microfinance Loans?
Microfinance loans are financing options that help people with low or no regular income gather funds to meet their financial requirements. These alternatives have been introduced for those who are not eligible to apply for conventional loan options that come with stricter criteria.
Microfinance loans can be used for fulfilling both personal and business financial commitments. It helps start-ups with limited resources build capital while enabling individuals with limited income to have a self-sufficed lifestyle. There are microfinance institutions (MFIs) to look into the needs of these individuals or groups of individuals and offer them the required financial assistance.