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    What is a micro loan?

    micro loan image

    As a business owner or someone who urgently needs money, you probably wonder what a micro loan is.  A microloan is exactly what it sounds like, small loans made by designated lenders. To lend small amounts of money with lower interest rates to impoverished individuals and groups, who are unable to obtain loans from mainstream banks.

    A Micro loan allows people to better provide for their families and gives them the opportunity to make it through times of economic difficulty.  It aims to improve the quality of life by assisting in setting up income generating micro businesses.  When faced with desperate financial circumstance people often opt to approach “mashonisas”/loan sharks who are quick to advance loans with very high interests and require little or no documentation.  It is advised to visit a registered credit provider as it is safe and the interests are low.

     When applying for a micro loan at one of the registered credit provider you need to bring along:

    • 3 Months Bank Statements
    • Identity Document
    • Latest original payslip

    By offering microfinance products that can be repaid, more households have the opportunity to expand their current opportunities so that more income accumulation may occur.  It’s hassle free,

    • 6 months to pay
    • Same day payout
    • Various loan products
    • Interest rates are aligned with the stipulations of the National Credit Act
    • Registered Credit Provider

    You can do anything you want with the money; after all it is now yours.  You can pay your rent, school fees or spoil yourself.

    The main benefit of a micro loan is to inclusion, so that working-age adults have access to services whether for personal use or to fund business ventures.

    By using a Micro loan company you do not limit yourself as when taking the option of debt review, where once you agreed to debt review you will not be able to get any loans offered to you for the period of your debt review payment.

    With Micro loans you can be assisted month to month to get you through the month.

    We at Best Debt Finance are your best micro loan provider and you can contact our Kempton branch on: 0823215140 or 0723068675. Our application process is quick, easy and affordable.