Kiva.org
Kiva.org
Here is your opportunity to directly aid the people in the developing world for as little as $25. I think it would really be neat if we selected a specific person to be aided within this thread, funded their loan and then tracked the results.
Anyone else here up for this?
Nick
Here is your opportunity to directly aid the people in the developing world for as little as $25. I think it would really be neat if we selected a specific person to be aided within this thread, funded their loan and then tracked the results.
Anyone else here up for this?
Nick
Comments
Kiva, unlike some Wall Street funds investing in microfinance, isn't designed as an investment vehicle.
Lenders on Kiva can hope to get their loan repaid in full, but they don't get paid interest. The "return on investment" comes in the form of pictures and stories of a business idea moving from a concept to a (hopefully) money-making reality.
Using PayPal as an intermediary, lenders create an account at Kiva and can then browse through photos and business pitches from those seeking a loan.
Pitches from people like Charles Ekoju, who wanted $500 to buy eight bails of used clothing to sell out of his house.
Or Joseph Adongu, who got $500 to add better goats to his herd.
"That is now helping him support his family and pay school fees for his children," reads Adongu's monthly update on Kiva. "With large profit he gets, he is faithful in handling the loan and paying back promptly."
The lender, whose loan can be combined with others to meet the needs of a borrower, is credited through their PayPal account as the loan is paid back.
You don't make interest on the loan so we can't be said to be exploiting these folks. Instead we get pictures and updates about the way the money has made an actual difference.
Businessweek
The repayment and loan system all apparently works through Paypal and is done free of charge for all parties.
I really think it would be nice if we could all pitch in, fund say a $500 loan (perhaps even funded by AI/AN regulars exclusively) and then we could all share in the updates related to the loan.
Kiva 1
Kiva 2
Kiva 3
Here are three examples of the types of loans I figured we could fund. I know we are talking about folks who appear to earn $3-10 U.S. dollars per day but the risk is shared as well.
Nick
Edit: The transactions occur via the Paypal site and you do not need a Paypal account. You can simply pay with a bank card that has a Visa/Mastercard logo or with a credit card.
Anyone else going to chip in?
Nick
Originally posted by BRussell
I don't think I have a paypal account, but I'll look into it How do you figure out which is number 600?
Simply click on the link above called Kiva 1.
Here it is again. Business number 600.
Kiva 1
Nick
Originally posted by BRussell
OK. By the way, this is probably better than this.
Actually I did both. Now I can use the interest from the Prosper loans to fund a Kiva loan. Exploiting Americans to fund loans in Kenya. Is that worth anything in the Karma scale?
BTW, here is what the BBC has to say about Kiva.org.
Nick
Originally posted by Chucker
Just donated $25. $175 still needed.
Chucker rules.
Nick
Nick
Originally posted by trumptman
Simply click on the link above called Kiva 1.
Here it is again. Business number 600.
Kiva 1
Nick
This is to Sarah, I'm assuming?
I just popped $50 through my Paypal account. It's odd to see my account with the Kiva page surrounding it.
But the business number said 431.
Originally posted by BR
Sarah is now $25 closer to getting that new acreage.
I'm hoping that this isn't screwed up. My page with Sarah said that she needed the money to send her 5 kids to school!
Well, we'll see.
My wife, as an attorney for CitiCorp. work on these micro-loans for the UN. She was recently invited to a dinner there, as she is every year, on their behalf. Those loans work very well.
Unfortunately, the evil chucker decided to fund loan number 601 and I couldn't let him have all the fun. I had to match it.
Could you guys please do me the favor of being...double awesome?
Nick
Nick
(edit) Ah, yes. The basket got smaller. Can someone explain this basket thing to me?