Why A $20 Loan Can Go A Long Way For Women [INFOGRAPHIC]
12:30 pm, October 12th | by Laura Donovan
When you’re young, $20 seems like all the money in the world. Then you grow up and have mountains of bills to pay and financial responsibilities to attend to. Even though you need more cash to get by as an independent adult than you do as a minor, a $20 loan could take you far — especially if you’re female, according to a new infographic.
The infographic, made by CreditScore.net, explains why 1970s economist Muhammad Yunus’s belief that small loans make a difference in lives is right on the money. His bank has been administering small loans since the 1980s and reportedly helped almost half of its customers get out of poverty. Women take out more than 82 percent of micoloans in developing countries, and these “can help break a cycle of destitute poverty, increasing quality of life for women, men, families, and, indeed, communities.” Good to know. The next time you feel as if you need a lot more dough to fix your financial stance, remember that a little has the potential to go a long way wherever you may be living.
[Via Credit Score]