Posted September 29, 2012 I thought I'd bring this up again, in case anybody want to join. Basically you lend money (in multiples of $25) to people from poorer countries, usually they're using the money for some sort of business, and then they pay you back over a set period of time. The loan system, while it may seem a bit unusual at first, is great because it means you can reloan the money out over and over, therefore helping more people than if you'd just donated it. Over the past 10 months I've loaned $125 (about to be $150), which is far more than I could have afforded through donations. So I was wondering if other people are willing to join, or already using it. You can join through this link http://www.kiva.org/invitedby/greveson If you don't want to be referred by me then you can go to kiva.org, but I suggest you use the referral link as we both get $25 to lend for free, so we can help even more people. You could always just sign up and donate the free $25, no cost to you. If enough of us use it I though we could create an n-europe group to keep track of what each other is doing. Let me know if you're using it. Also, I have $25 ready to lend, so if some of you want to have a look through and make suggestions to me, I'll have a look. Share this post Link to post Share on other sites
Posted September 29, 2012 I wonder where the name comes from. In Finnish, kiva = 'nice'. Share this post Link to post Share on other sites
Posted September 29, 2012 Used your link since it means I can help people for free. Share this post Link to post Share on other sites
Posted September 29, 2012 Used your link since it means I can help people for free. Which means that $50 has been loaned ($25 by you and $25 by me) without either of us having to pay a penny. You see people you can do good without it costing you, so please just click the referral link and sign up, even if you never make another loan after your first one, you'll still have done some good. Share this post Link to post Share on other sites
Posted September 29, 2012 Exactly. I'm trying to get my friends to click on my link. Share this post Link to post Share on other sites
Posted September 29, 2012 If signed up through your link as well. Will probably have Jim sign up too. If this goes well, I can see myself putting some money in and help pay different loans, just to be able to help some more people. Curious to see how this all works out. =) Share this post Link to post Share on other sites
Posted September 29, 2012 (edited) This is quite literally the best thing ever. I think I'm on my ninth or tenth loan or something, it just feels so much more useful than donating money to a charity. Moogle, if you set up a Neurope group I'd definitely join. http://www.kiva.org/invitedby/joseph3049 http://www.kiva.org/lender/joseph3049 Edited September 29, 2012 by 130131301364 Share this post Link to post Share on other sites
Posted September 29, 2012 Nice! I'm on kiva too. Is good. None of my loans have defaulted yet, just a couple somewhat delinquent. Share this post Link to post Share on other sites
Posted September 30, 2012 Ok, so i set up a N-Europe team like Moogle said, just so we can all be in it and pretend like we're all better than everyone else. http://www.kiva.org/team/neurope/ Share this post Link to post Share on other sites
Posted September 30, 2012 How long does it normally take for this loan to be repaid? Share this post Link to post Share on other sites
Posted September 30, 2012 How long does it normally take for this loan to be repaid? When you click on the loan it tells you the repayment term. Usually it depends on the loan but you could be looking at anything from 6 months to 18 months. I usually go for the smaller loans and they're usually around 8-12 months. Though these are paid in instalments throughout the term. Usually monthly, but this will also be stated on the loan page (in the box at the top right). Share this post Link to post Share on other sites
Posted September 30, 2012 And with this free loan you get at the beginning you get the money from that loan paid to you? There's gonna be loads of businesses popping up soon! Share this post Link to post Share on other sites
Posted September 30, 2012 No, the free money goes back to Kiva. Share this post Link to post Share on other sites
Posted September 30, 2012 this blog and the subsequent comments provide an interesting attempt to explain why some of these third-world borrowers are expected to pay an average of 50% interest on these loans - or, rather, why that's ok/not ok. Share this post Link to post Share on other sites
Posted September 30, 2012 (edited) this blog and the subsequent comments provide an interesting attempt to explain why some of these third-world borrowers are expected to pay an average of 50% interest on these loans - or' date=' rather, why that's ok/not ok.[/quote'] Well that's a good list to use, to choose organisations at the bottom. EDIT: I just looked through my previous loans, and all bar 2 were under 30%. One was around 34% and the other around 44%. Next time I'll make sure I check the interest rate. Edited September 30, 2012 by MoogleViper Share this post Link to post Share on other sites
Posted September 30, 2012 Hmmm, well thats a handy list. I wish i'd had that before. Two of my loans are with BRAC south sudan, top of the list! I'll be sure to check the interest rates for my next ones. This video is pretty cool, showing the transactions taken place through Kiva so far. Share this post Link to post Share on other sites
Posted June 18, 2013 (edited) Bump. I thought this needed bringing up again. I noticed that a couple of members on here loaned money which has since been repaid @Eenuh @MoogleViper, so you can loan it out again (or withdraw it, i think). I'm not sure but i think they have since changed the process so you can withdraw the money back out again once it has been repaid, or loan it again. Anywho, you should check in a re-loan the money! They've also launched Kiva Zip, which is a service they are trying out where the money doesn't go through a middle man and so all of it goes to the borrower, and there are no horrific interest rates. Unfortuntely it's only being trialled in the US and Kenya (and there are no current borrowers in Kenya) but it's a nice thought. Anywho, if anyone fancies lending money, join the N-Europe team! Edited June 18, 2013 by 130131301364 Share this post Link to post Share on other sites
Posted June 18, 2013 How much interest do you make on it? Share this post Link to post Share on other sites
Posted June 18, 2013 Well you don't. It's essentially a charity, but one where you keep getting the money back to give away again. I've paid in about $300, but i've given almost $800 in loans. If i put no more money in, i could just keep giving that $300 again and again to different people who need it. Technically i could remove the $300 at some point (minus the small percentage that doesn't get paid back) but i don't really see the point. Share this post Link to post Share on other sites
Posted December 17, 2014 Double bump! Just thought I'd bring this up again to see if there's anyone new who likes the look of this. I've just reached $2000 of loans! Of course a lot of that is recycled money that gets paid back, but it's pretty cool! Here's the link in case anyone wants to try: http://www.kiva.org/invitedto/neurope/by/joseph3049 Share this post Link to post Share on other sites
