Subscribe via RSS

Stay up-to-date on everything MFTransparency has to offer by following our RSS Feeds. You can follow all MFT updates, or select between just receiving only News or Resources updates.

Follow on Twitter

Follow the conversation: @MFTransparency

Like us on Facebook

Many Borrowers of Microloans Now Find the Price is Too High

Published on April 25, 2010

Drawn by the prospect of hefty profits from even the smallest of loans, a raft of banks and financial institutions now dominate the field, with some charging interest rates of 100 percent or more.

Click here to read the New York Times article

Many Borrowers of Microloans Now Find the Price is Too High

“We created microcredit to fight the loan sharks; we didn’t create microcredit to encourage new loan sharks,” Mr. Yunus recently said at a gathering of financial officials at the United Nations. “Microcredit should be seen as an opportunity to help people get out of poverty in a business way, but not as an opportunity to make money out of poor people.”

“You can make money from the poorest people in the world — is that a bad thing, or is that just a business?” asked Mr. Waterfield of MFTransparency. “At what point do we say we have gone too far?”

No Comments

Leave a Reply