What is the minimum amount you can borrow from Grameen America?
What is the minimum amount you can borrow from Grameen America?
Our Services. Grameen America provides microloans (starting at no more than $2,000), financial training, and support to members.
What fees are charged to the borrower Grameen America?
What is Grameen America's interest rate? Our interest rate ranges from 15%-18% on a declining balance. There are no additional charges such as origination, late or monthly fees.
What are the terms length of time for repayment for the loan for Grameen America?
Members with Recovery Loans will pay interest-only for the first four weeks. After the first four weeks, members will make their weekly repayments of principal + interest over the course of the 9-months. You may choose to pay off your loan after 6 months (25 weeks).
Does Grameen America have a minimum credit score?
No credit score, collateral, guarantors, or bank account is required. Grameen America uses a peer-group lending model pioneered by Professor Yunus and the Grameen Bank in Bangladesh.
What is the maximum amount you can borrow for Grameen America?
Min. Amount $2,000
------------ -------------------------------------------------------------------------------
Max. Amount $15,000
APR 15% to 18%
Requirements Entrepreneur or business owner, live below the poverty line, live near a branch
How does Grameen America make money?
Grameen America funds businesses in a range of industries including but not limited to: food, salon products, clothing and accessories, cosmetics, flowers and gifts, and health products.
What does Grameen America offer?
Grameen America provides microloans to individuals living below the poverty line to start or expand businesses. Grameen America offers a fair interest rate with reasonable terms and supports the microloan with no-fee savings accounts, credit building and financial training.
Does Grameen America conduct a credit check?
There are no collateral or credit history requirements. However, Grameen America staff will conduct home visits to assess the level of prospective borrowers' assets to determine that they are living below the poverty line.