Personal microcredit.

Personal microcredit is a different kind of credit because it is primarily for people who are not able to get a loan or a conventional loan.

Persons concerned

Persons concerned

The microcredit is for people whose income does not allow to subscribe a credit and is systematically refused a loan by banking organizations or credit companies. These are people who are not working and whose replacement income is not a sufficient guarantee or people whose salary is insufficient to qualify for a credit. Microcredit represents an interesting alternative since it offers new possibilities to everyone.

How this loan works

How this loan works

Personal microcredit is subject to certain non-negotiable conditions. This is only possible when the purpose of the credit is clearly identified. Indeed, it must correspond to a project that will ultimately change the situation of the person concerned by giving him access to a job through vocational training, to obtain or repair a vehicle or to have access to health care too expensive that are no longer available. Other projects may be set up but must necessarily aim at improving the quality of life of the borrower.

Terms of the contract

Terms of the contract

The amount of microcredit is between 300 and 3000 USD but can sometimes be higher depending on the project of the person. This is granted for a period of six months to four years. Nevertheless, as for any credit, it is possible to refund the amount due before the end of the contract. The personal microcredit also has interests that vary between 2.5 and 8% depending on the amount borrowed and the customer must be informed of the total cost of his credit.

Filing an application

Filing an application

To apply for a microcredit, the person must go through a social relay or an association to integrate and improve the quality of life, a district control, a social worker or any body social.

He is in charge of studying the request, to evaluate the possibility of concretizing his project whatever the benefits. Once validated, the project is transmitted to a banking organization which will be in charge of granting or not this microcredit. The advantage of this type of credit is also that the chosen social organization will accompany the person concerned for the duration of the credit to ensure the realization of the borrower’s initial project.