Micro loan and backrenting of phones are two solutions that help people solve their financial problems. They both work the same way, but they have their differences as well. And in this article we’ll discuss these two options and how they can help you out when you need money fast.
Micro loan is a type of a loan that people take when they have emergencies
Micro loans are a type of a loan that people take when they have an emergency.
The most common emergencies are:
- Need to pay for bills
- Need to pay for funerals
- Need to pay for weddings or baby showers
- Need to buy something urgently, like fonjis or school supplies (like pens, notebooks, etc.)
Backrenting of phone is when people rent out phones and then use the money for themselves
Renting a mobile phone is a great way to earn extra money. This can be done by renting out your old phone and using the money you earned in order to buy a new one.
They are both meant to solve the same problem which is financial need
The microloan and backrenting of phones are both meant to solve the same problem which is financial need.
People take these loans when they have emergencies, for example, a sick family member or an emergency trip. People rent out phones and then use the money for themselves. The requirement for microloans is minimal but backrenting of phones does not affect your credit score because you are renting it from someone else who already has a good credit score.
The reason why I recommend backrenting over microfinance is because it doesn’t affect your credit score so you should consider as a final option after all other options fail if they fail (which means there must be no other option).
When in need remember microloans
If you are in need of money, a microloan is a great option. If you have financial problems and need to repair your phone or get it fixed, the microloan is perfect for that. If you are having trouble paying rent and need money for an emergency, then again, this is the perfect solution for you. It’s also good for people who need money for their phones because they want new ones but don’t have enough money to buy them outright. The only thing is that when using this type of loan, it has high interest rates so be careful when deciding how much time should pass before paying back the loan (you can’t just let it sit there).
Advantage of backrenting phone
With backrenting, you are not loaning money to someone with the expectation of getting it back. Instead, you’re giving away your old phone and allowing someone else to use it. You can use the money for yourself or invest it somewhere else. The more you are willing to rent out your phone for, the more money you will make from backrenting your phone.
You do not need any security for backrenting because if the person doesn’t return your device after a certain amount of time (usually one week), then they are liable for paying whatever amount was agreed upon for that period of time.
Conclusion
We conclude that backrenting of phones is better than taking a micro loan. The reason behind this is because it helps people to solve their financial problems without going through the hassle of finding a lender who will provide them with money at low interest rates (which are usually very high).
