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Microlending, or microcredit, is a type of financing where small loans are given to individuals or businesses who typically lack access to traditional banking services. Microlending is often associated with entrepreneurs in developing countries, but it's also used in developed economies to support underserved communities or to fund small-scale projects.
Microlending can be a lifeline for people who might not meet the stringent requirements of conventional lenders. However, the interest rates for microloans can be higher than traditional loans due to the higher risk associated with lending to borrowers with little to no credit history. Despite this, microlending has been praised for its potential to stimulate entrepreneurship, alleviate poverty, and promote economic development.
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