Kiva.org charitable loans

[Garp]

For a while now I've been in the 'keep meaning to' stage when it came to Kiva. Every time I heard about it I'd make a mental note to go do something about it.. and would forget.

No excuses this time, I was sitting down at home, so I've just made my first small loan, will add more later when finances are a little more favourable (e.g. I've actually got a job).

If you've ever wondered what happens when someone makes a Kiva loan there is a great video here:
http://fellowsblog.kiva.org/2009/01/07/the-story-of-a-kiva-loan/

[Haly]

I remember Muban talking about this site ages ago. Meant to donate a while back but then my income plummeted. Still meaning to at some point though, as it looks a great idea :)

[iCraig]

First time I've heard of it and it looks great. I wouldn't care if they couldn't pay it back, but contributing towards somebody's life like that is really cool. It's a fantastic idea because when you give to charity normally, you don't really know where your cash has actually gone. You know it's been added to the pot and will go towards something somewhere down the line, but you never find out what. With this, you have the ability to see exactly who's getting it, and see how it helps them.

How great would it be to chuck some money over, and be one of the people who get a business over there on its feet. You wouldn't be happy because you'd gotten your loan back, you'd just be so chuffed that you've helped turned someones life around. I don't think you'd ever stop smiling.

Thank you for linking this, I'm going to read more tonight and pick someone to lend to. :)

[Muban]

Yup, I have made a few loans now. All have been paid back in full. Easy enough to set up and even easier to keep going. When a loan is paid you get an email to tell you, just login and pick another person and it just takes the money that is already there. It's nice to know your money is going to people who are helping themselves.

[LeperousDust]

Its good in theory but seems probably easy to exploit too... Im sure i read ages ago about their african branch or something being closed down for fraud?

//Edit: I do like the idea though, loads instead of handouts, and lots ot little micro loans making something worthwhile, i'm more willing to give to this kind of cause than just some random in the street...

[Jonny69]

Sorry, long confusing deliberately unspecific text to read followed by a 10 minute video. Can someone just tell me what it is without all the fluffing around?

[Muban]

There was a problem with fraud with one lending partner in one country but that got shut down pretty quickly from what I can recall.

Kiva lets you connect with and loan money to unique small businesses in the developing world. By choosing a business on Kiva.org, you can "sponsor a business" and help the world's working poor make great strides towards economic independence. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates from the business you've sponsored. As loans are repaid, you get your loan money back.

Basically each person loans a small amount.... say $15. One person needs a loan of $1500 to buy stock to get thier business off the ground. 100 people donate their $15 to this one person and Kiva gets the money together and through a lending partner passes this money on to the individual. You then over a period get the money paid back and can relend or take your money back.

[Blighter]

You loan to needy people to help them start a business and they pay you back. Basically you helping them turn their life around :) I think... :p