Microcredit and Microfinance were created in order to help developing nations.
Microfinance provides financial aid with things like insurance, saving and loans to people that have a very low income that sometimes big banks won't lend money to. One of the big differences of Microfinance and Microcredit is that, Microfinance is a broader concept than Microcredit. Microcredit specifically gives people that have no collateral or steady employment, small loans so that they could take care of themselves and their family. Microcredit gives people small loads usually of a couple hundred dollars or less so that they could start and grow small businesses, and by doing this the people would learn the responsibility of taking a loan and make money for
