> Frequently Asked Questions
Who can apply for a MicroCred loans?
MicroCred serves micro and small entrepreneurs and rural households who meet the following criteria :
- 18 – 60 years-old
- Hold a national ID, a residential permit, or a passport
- Own and operate a business
- Have a minimum of one year of experience in the business sector.
- Work in the same area within the same industry for more than 6 months
If I do not have prior credit experience, can I still take a loan from MicroCred?
Yes, MicroCred does not require clients to have previous credit experience.
After the business evaluation, how long does it take to receive the loan?
If all necessary documents are provided, MicroCred will disburse a loan within three business days.
Please describe MicroCred’s loan process.
MicroCred’s loan process can be separated into five parts :
1. Loan application : Together with the loan officer, the client will fill out the loan application.
2. Credit bureau check : MicroCred will consult the credit bureau about the client’s past credit history.
3. Evaluation of client business/home visit. During the business evaluation, the loan officer will assess the following : (1) overall business situation, (2) profit/loss ; (3) business growth ; (4) quality/accuracy of information provided; and (5) other businesses – if the client has other businesses, the loan officer will assess the risk and the credit needs for the other business(es).
4. Collection of document, and
5.Credit committee/disbursement. Based on the result of the business evaluation, MicroCred will make the loan disbursement decision.
