What is Micro-Credit?

3. What is Micro-Credit?

  1. Type of lending program or line of credit that is aimed at impacting a rural population in some manner
  2. A source of short-term finance for businesses and companies
  3. Extension of very small loans to impoverished borrowers who typically lack collateral
  4. The credit checks for which the system compares the credit limit of the customer with the net document values

Answer: C) Extension of very small loans to impoverished borrowers who typically lack collateral

Explanation:

Microcredit is a typical type of microfinance that includes a minuscule advance given to a person to assist them with becoming independently employed or growing a private company. These borrowers will quite often be low-pay people, particularly from less created nations (LDCs). Microcredit is otherwise called "microlending" or "microloan."

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