Initially, it was only possible to get a micro loan that had a maturity of 30 days. Nowadays there are also opportunities to borrow money for a longer period if you wish. Some lenders have realized that there is a large market for those who want micro-loans that extend for a little longer. It is probably precisely the part with maturity that has developed most in terms of micro-loans in recent years.
Then it should be clear that these are still short-term loans, but instead of having a maturity of 30 days, it is possible to borrow up to 90 days instead. Lenders have also started to show up where it is possible to borrow up to 1 year or similar. What is a bit difficult then is to decide if it is the question of a micro-loan anymore or whether it has become a private loan.
A little further down this page you will find a list of a number of lenders that offer you to take micro loans that extend beyond 30 days. We have also written some quick facts that can help you. If you visit our large loan comparison department, you can then find comparisons for significantly more loan amounts, etc.
Does it cost more?
You can clearly expect to pay more for a longer loan. But this is not unique to micro loans, but it really applies to all types of loans since you pay interest on the loan amount for a longer period of time. The bottom line is that the loan becomes more expensive in total. The positive is that a loan that is split into several repayments will have a lower cost each month. You simply have to make a balance as to what is best for you.
You may also want to check if a private loan is something for you to take. You can borrow money there for a longer period of time than is possible for micro loans and the cost per month will be clearly lower. Private loans can often be obtained from USD 10,000 – 350,000, but there may also be lenders who lend smaller amounts.