Microloans are somewhat similar to credit cards – you can borrow a small amount like $600 loan with CAfairpay for a short period until your salary.
Microfinance organizations (MFOs) are mostly visited by clients who already have another banking product. For example, a credit card, but the limit on it has already been exhausted. In such a case, banks may refuse to issue another credit card or consumer loan. And then a person can use the loan.
Plus, microloans are somewhat similar to the option of borrowing from friends and acquaintances. When you need money to buy essential goods, pay for a doctor’s appointment, or make a payment on credit products, and there are still a few days until your salary.
The main thing is to choose a proven MFO.