Celebrating Microcredit Day at the Blue House (2)

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Hello our readers!

As I told you in the previous post, the Microcredit Day was celebrated at the Blue House on Wednesday, December 12, 2012. There were some cases introduced and represented on the day, showing that the microcredit beneficiaries are now able to rebuild their financial and economic capabilities. So, for today, I would like to share those stories spoken at the conference.

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The first one is a story of street vendor who suffered from a high-interest rate loan up. As a breadwinner for her family, after her husband passed away, she has run a street vendor selling vegetables. The problem was that around the middle ten days of a month she did not have enough money to buy vegetables. Finding no other alternative, she borrowed money from an illegal private lending agent. The interest rate was about 40 percent, making it impossible for her to pay back the principal. At best, she managed to pay for the interest. Her acquaintances knew how hard she worked for her livelihoods, and felt very sorry for her. Among them, there was one who introduced ‘micro credit fund’ available for her. She was an eligible applicant for the fund, and received a loan at low interest rate. Can you guess how low it is? The interest is two percent, which is a remarkable shift from the high interest rate up to 40 percent!

 

As introduced earlier in this blog, ‘Sunshine Loan’ is one of the microcredit funds. The beneficiary of Sunshine Loan delivered his story at the conference, saying that he is now picturing his hopeful blue print with the help of Sunshine Loan. After having failed to run his own restaurant, he was challenged by debt and credit card loan in his 20’s. While searching on the web, he found out his ‘shiny policy’ to drag him out of his debt cycle. His application for the loan was approved, letting him pay back for his credit card loan. After clearing his credit card loan which made him pay 20 percent of interest rate, he could make a new start. Now, working as a chief at restaurant, he is planning his future with better economic capabilities.

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Those beneficiaries talked about their ‘real life stories’ without adding any fictional elements. The stories themselves were moving and touching. Microcredit funds have been ‘the very measure’ to give a hand in desperate need. Don’t you think that these are the stories that you would like to hear more from now on? If someone is suffering from a high-interest rate loan, illegal private lending, or financial crime, please let them know that they may be eligible for microcredit beneficiaries. More it is shared, more it becomes valuable.

 

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