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Why are micro-lenders sometimes called loan sharks
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Asked 9/5/2012 8:56:55 AM
Updated 9/5/2012 9:21:49 AM
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User: Why are micro-lenders sometimes called loan sharks

Weegy: Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment and a verifiable credit history. [ It is designed not only to support entrepreneurship and alleviate poverty, but also in many cases to empower women and uplift entire communities by extension. In many communities worldwide, in developed and developing nations alike, women lack the highly stable employment histories that traditional lenders tend to require. This reality might result from factors such as leaving the paid workforce to care for children and elderly relatives. As of 2009 an estimated 74 million men and women held microloans that totalled US$38 billion.[1] Grameen Bank reports that repayment success rates are between 95 and 98 per cent. ]
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Question
Asked 9/5/2012 8:56:55 AM
Updated 9/5/2012 9:21:49 AM
1 Answer/Comment
This conversation has been flagged as incorrect.
Flagged by kaysha
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A microlender is an organization that makes business loans to individuals who are not able to obtain financing from traditional lenders. Microlenders typically charge higher-than-average interest rates; their maximum loan is usually $25,000 or less. Recipients of micro-loans are typically individuals in poverty or in development zones in the U.S., or who live in developing nations.

They are referred to as loan sharks because they charge ridiculousness loan rates. The term used for someone who loans money with a 60% (or higher) interest rate is “loan shark”

Added 9/5/2012 9:21:49 AM
This answer has been confirmed as correct and helpful.
Confirmed by sujaysen [3/17/2014 11:54:27 AM]
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