Micro credit or micro loans were designed to provide financial aid to people who are poor and are not blessed with collateral sources, steady employment or a credible credit history.
The definition of Americans has changed according with the time. It is not just for poor now even people with no proper employment or income resources can also apply for micro loans. These loans are free of interest or with minimum interests.
As we can already see, the present position of America has declined to very poor levels. There has been a tremendous increase in unemployment and decrease in income resources. Many people, here, lack proper savings or credit history. This is why they are suffering at present.
The strategy of micro loans can be very compatible with the recent situations in America. Organizations like Kiva.org have already started plans to provide micro loans to Americans.
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