Kiva?

[midjd]

I know this has been covered (maybe on the old board?) but I did a search and couldn't find an old thread on the subject. Have any of you made a loan with Kiva? How did it work out? How do you choose your candidates? Anything to keep in mind?

I really like the idea of microlending... one of my best friends works for an NGO in the Dominican Republic and says that small loans have changed a LOT of lives down there. Still, I'd like to find out more about it before I jump in with both feet.

[❤ mollymouser ❤]

I thought this New York Times article on KIVA was interesting and worth the read ... www.nytimes.com/2009/11/09/business/global/09kiva.html

[parker1b2]

I have used kiva... pretty easy to use. I was given $25 as a gift to use through Kiva to lend money and added some of my own.. You can search by country, industry etc. It usually has terms and time to payback the loan. Just checked my account for the first time in a while and have $21.33 still oustanding in loans. Some loans were paid back so going to lend it.

[debtheaven]

We use Kiva a LOT. I always joke that it is "the gift that keeps on giving but in a good way". My DS1 is a humanitarian aid worker who worked in microfinance for a while, so he told us what was stated in the NYT article that Molly linked.

I have to admit I was shocked at first, but it didn't last. I still think it's a fabulous way to help people at little cost ($25 per loan). I also like that you can choose the country, the gender, the project.

Over the three years we have been lending, we have lent enough money that we can now relend every couple of months. We feel that even if you're not lending to the person you think you are, you're lending to somebody just like them.

It's still a way to change people's lives for the better with little money. JMO, of course. Through DS1's work we have heard firsthand how life-changing microfinance can be. Also, for Xmas / Hanukah we always contribute to charity for our four kids. We contribute to animal charities for the younger two. The older two both get Kiva gift certificates. I was very happy and proud to see that my DS1 has contributed more than we have given him in gift certificates. DS2, GRRR. LOL.

ETA: We chose by jokingly "stalking" DS1 around the world on his internships / charitable missions / jobs. Every time he went somewhere new, we took out a new Kiva loan.

Caveat: Although my DS1 worked in microfinance, he never worked for Kiva.

[debtheaven]

Also, on Kiva, the lenders are rated. I would not go with any lender that wasn't at least four stars. This said, we have made 16 Kiva loans over the years, well above the average, and we have never lost one cent.

[TheOtherMe]

I have made 6 Kiva loans and all were fully repaid. I selected based on places I was interested in. One of the women for whom I helped fund her business became ill and I figured, based on the updates, that the $25 was gone. I don't know what happened, but she made a lump sum payment of the remaining balance.

One loan was to an Afghani man and I knew that would be risky as Kiva didn't show his face to protect him. He faithfully made his monthly loan payments.

I never lent more than I could afford to lose and only in $25 increments.

[garion2003]

I just started with my first Kiva loan. A friend had made a loan and posted it on Facebook. I had heard about similar programs and did some research. Like theotherme, I looked at it as something I could afford to lose, since there is risk. I look at it as a way to give back - giving a hand, not a handout.

[sarcasticgirl]

I've made a few kiva loans as well. I heard about if from a girlfriend who actively makes loans through them. I think it's a great program. The warm fuzzy feelings i get from knowing i'm helping someone is worth the minimal risk of losing $25

[Plain Old Petunia]

I heard about Kiva last year and made 4 loans. All of them are being repaid as scheduled. As soon as my account balance hits $50, I am going to reloan it.

[workpublic]

do you get interest on your money?

[TheOtherMe]

No, you don't get interest on your money with Kiva.

[debtheaven]

Good point, I'm pretty sure the banks do though.

It's not a perfect system (what is?) but like another poster mentioned, the idea is to "teach a man to fish" rather than just give him a fish.

[debtheaven]

By the way Petunia, if you want, you can reloan at $25.

[TheOtherMe]

All of my loans were $25, so I wasn't going to lose much if they didn't repay.