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Blog Post from The Cornell Daily Sun

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How High is Too High?

April 6, 2008 - 6:12pm
By Gabriela Salazar

Microfinance has been praised for its tangible contributions to poverty alleviation, but the media tends to sidestep a certain detail: what do these MFIs actually charge as interest?

It’s a basic question, but the answer would likely baffle the uninformed public. Whereas credit card rates in the US typically linger below 30 percent, interest rates among MFIs can range from around 20 to 100 percent. What then, can be defined as usury?