- Microloan is a small loan, often between $10–$200, for business, emergencies, or personal needs.
- Offered by microfinance institutions, credit unions, or mobile lenders — not always banks.
- Repayment is usually short-term — weekly or monthly — so budget carefully.
- Designed for people with no credit history, especially in rural or informal jobs.
👉 A microloan is not free money — it’s small, fast credit with big responsibility.