What is a microloan

Microloans are small, usually short-term consumer loans. They are issued by microfinance companies working both online and offline. It is much easier and quicker to borrow money urgently from a bank, but the rates are higher. In some companies the interest can reach 2.5% per day, and if the borrower violates the terms of repayment, it rises to 3-4% per day. However, with the right choice of micro-loan and a…