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The question of risk in microfinance has been analysed mainly from an economic and technical viewpoint. However, the Authors’ observations in Southern India embracing other aspects have shown that everyday practices are interwoven in local relations, both social and political. Far from being restricted to commercial relations, reduced to financial transactions isolated from personal considerations, the relationships between borrowers and microfinance NGOs are based on relations of populism and brokerage. Such liaisons are socially constructed by the active role of brokers in the field who play a role simultaneously of intermediary, mediator, interface and adjustment. As in any manager/client type of relationship, these relations are characterized by the diversity of the goods and services exchanged, whether they be of economic, social, moral or political significance: support, protection, loyalty are at the heart of the relationship. They are also characterized by a reciprocity. However, this is of a hierarchical type and the resulting asymmetry in the relationship holds in check any form of resistance and protest on the part of the clients.