"Drawn by the prospect of hefty profits from even the smallest of loans, a raft of banks and financial institutions now dominate the field, with some charging interest rates of 100 percent or more... The fracas over preserving the field’s saintly aura centers on the question of how much interest and profit is acceptable, and what constitutes exploitation."
Wednesday, April 14, 2010
"In recent years, the idea of giving small loans to poor people became the darling of the development world, hailed as the long elusive formula to propel even the most destitute into better lives," begins an article in today's New York Times that you can read HERE. "But the phenomenon has grown so popular that some of its biggest proponents are now wringing their hands over the direction it has taken."