Microloans are available for many purposes. Generally, microfinance institutions prefer lending money for significant and necessary reasons like financing a motorcycle for the borrower to get to work, or covering medical expenses for those without emergency medical savings accounts. The primary goal is to prevent borrowers from sinking into debt. The Global Micro Lending Initiative, GML, examines four notable loan types and resources that have helped borrowers stay out of debt traps.
Microcredit allows borrowers to access low interest loan opportunities. Buying your next motorcycle, repairing an old one, or purchasing hard to find parts is all possible when using a microlender to finance your next bike or project. Motorcycle loans can finance any motorcycle or motorcycle part. Motorcyclists who like to take joyrides or who'd rather use their bike skills to run a motorcycle repair shop can easily apply for financing with online microfinanciers.
Servicemembers and veterans of the U.S. military can qualify to receive financial services with flexible terms and various other protections. Favorable loan rates and terms are offered to all military personnel and families through online military loans. American military volunteers should be compensated for their valuable work, both monetarily and legally. Therefore, laws have been created to ensure military borrowers receive fair interest rates, special home mortgage programs, money management courses, plus much more.
Individuals and families in low income households aren't the only demographic that struggles to receive affordable healthcare. The growing working class is collecting less corporate benefits like medical care coverage than ever before. Both uninsured and minimally insured Americans can get medical loans to finance all medical procedures. Preexisting conditions, dental surgeries, doctor checkups, or any other reason to visit a doctor or hospital can be covered with a low cost loan that is easy to manage and repay.
Borrowers living paycheck to paycheck can meet their financial obligations by consolidating outstanding debt. Online lenders offer unsecured debt consolidation loans for borrowers who are looking to consolidate multiple credit accounts. By transferring several old debts into one new loan, individuals can benefit from only having to maintain one loan with one interest rate and one monthly due date. The repayment process is simplified. Consolidation is a faster and more efficient way to pay back debt.