Borrow or lend as little as $25 with the help of Kiva
Thu Dec 3, 2009, 1:27 am | Leave Comment
I did a post about peer-to-peer micro-lending a while back: “Here is your chance to access affordable and flexible credit“. That program is offered by Virgin Money.
What is Kiva?
Kiva is the world’s first online lending platform connecting online lenders to entrepreneurs across the globe.Originally
Kiva started linking folks with screened “micro-preneurs” in the developing world. The program is now available in the United States as well. You can lend as little as $25 in capital to the Kiva applicant of your choice.From its website
I get the impression that when the money is paid back, you can withdraw your original investment, donate it to Kiva or lend it to another needy applicant.Kiva claims
A 1% default rate and a 97% on-time repayment rate, which means that, right now at least, your money is safer in the hands of the world’s poor than in your 401(k) account.Kiva is a charity, not a broker
That means you don’t earn any interest.Open an account for as little as $25
With so little money, you can help Third World needy folks who have next to nothing by starting a small business.Choose from hundreds of profiles
This way you decide who is to receive your loan. The recipients typically repay within 12 months, at which time you can withdraw your money or start the process all over again.
In a Nutshell
The borrowers tend to be small-time entrepreneurs in need of money for inventory and equipment that offers quick payback potential. Be warned: your Kiva loan does not pay interest – only the return of principal.
So go ahead, learn more about Kiva and then when you decide you can help needy folks with starting their small business, register with Kiva and start helping alleviate poverty. To get a better feel for what the money is spent on,
View All Entrepreneurs here.
What do you think?
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