A growing body of research suggests that micro-credit, the darling of international development, costs borrowers dear
It’s still a week or so until Diwali, but the market in Thol, a village in northern India, is already bustling with shoppers perusing cheap Chinese-made electronics, sweets, presents and decorations.
“Diwali shopping season seems to start earlier every year,” says Rashmi, 36, who opened a small sweet shop last year with a loan from a local microfinance institution that is repayable in weekly instalments. A recent increase of her existing loan allowed her stock up ahead of Diwali.
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