Microfinance is an extremely popular form of lending because many people need to borrow money in small amounts and quickly. For larger loans, banks investigate the credit history of the person applying and often make people jump through hoops before the loan amount is approved. With smaller cash amounts this approval process is much faster and so many people take out a number of smaller loans and end up with a bad credit record, and more debt than they can afford to pay back. Micro-loans, and money lenders are often not in contact with one another and so this process is able to happen until the person enters a cycle of lending that gets them blacklisted.
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Unemployment or partial employment is common throughout the world and thus many people seek microfinance to cover their day to day costs and bills. Most people simply cannot earn enough to live the life they'd like to and as a result rely on credit to get them from month to month. Only when they develop a bad credit record do they realise that sometimes it is not a good idea to borrow money to pay off other debts. Many banks approve microfinance far too quickly, and some banks even go as far as to offer loans from their ATMs. Although lending is extremely profitable for them, they should be encouraged to pursue a responsible practice that does not in debt people in a way that is unmanageable for them. Some loans simply should not be approved to people who are blacklisted or have a bad credit record.
Credit can feel like a blessing but it can also be a stressful burden. Before loans are approved, even small amounts, the person should be encouraged to have debt counselling or be advised of places where they can seek similar services. That is the only way that banks can pursue responsible microfinance to those that qualify.
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