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Hello everyone, tell me what is the difference between a microloan and a loan?
Hello, loans and microloans differ in size and terms. A microloan is a short-term loan program for a small amount. But bank loans can be taken both for small amounts and count on much more money. As for the timing, it is unprofitable for banks to work with short-term loans, since there will be more paperwork when obtaining such a loan from a bank than profit from accrued interest on the body of the loan. Banks are focused on long-term credit programs. At present, Look Debt Consolidation service, which provides good conditions for short-term microcredit, usually the average loan term is one month.