Loaning money to less fortunate people through kiva.com
By mlhuff12
@mlhuff12 (797)
United States
January 14, 2010 8:51am CST
Has anybody ever lend money to people in less fortunate countries using kiva.com. This website lets you loan money to people to help them start up their business or for what they need. Eventually they will pay the loan back. I'm pretty sure you don't get a return. Just what you gave. But doing this you can help the economy of difference countries. I know my one teacher had loan money for someone to buy a goat and he got his money back. kiva.com sounds like a good idea. If I ever have any extra money I may consider giving this a try. So has anybody ever done this? Do you think it is a good idea?
2 people like this
2 responses
@echomonster (2226)
• Greenwood, Mississippi
16 Jan 10
I do think it's a good idea and it's actually a "safe" investment even though you're not getting a return. Actually, I like Microplace even better than Kiva because there you do get a small return on your investment. I think that's fair because microlending is about lending and helping grow businesses. Plus, you can use your profits to lend even more, helping even more people out. As I see it, microlending isn't a substitute for charity -- not everyone is going to start a business and some people need food, medicine, etc right now -- but it's a good complement to it. I definitely recommend Kiva and Microplace!
@mlhuff12 (797)
• United States
17 Jan 10
Oh good, so I am assuming you had used Microplace. I am glad to hear that it is safe because nowadays you can never be too sure about new companies that you don't know much about and that it is legit. When you did it how long did it take to receive your money again? Percentage wise what was your return?
@echomonster (2226)
• Greenwood, Mississippi
18 Jan 10
With Microplace, you have to read the details of each listing you're interested in. Each one will mature at a different time (repayment date) and have a different interest rate. Right now they even have a listing for Nicaragua that is paying 4%! That's unusual, though; most pay between 1-3%. So you're not getting a big return on your investment but it's quite competitive with what you would get from a bank.
@vandana7 (98963)
• India
14 Jan 10
Wow, this is a good one. :) Yes, when our monies lie idle in the banks, we can most certainly do this. :) Thanks for letting us know. :) Only hope the monies dont end up with pay day money lenders. :(
