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Soxy

By Soxy
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kapkomet Grand Master

kapkomet

Posted
Posted
QUOTE(Soxy @ Oct 24, 2007 -> 06:13 PM)
Linkage.

 

Has anyone heard about this site or used it? I'm intrigued. . . It seems like it could be a really good easy way to get involved and help. . .

In concept, I think this is a really cool thing. I only saw the cover page and didn't read a lot of the details - but how do we prove out the legitamacy? Is it spelled out on the website? This is a really neat cause if it is legit.

 

Edit: went back and read it - I'll have to read the "field partners" a little closer but this sounds really neat.

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Texsox Grand Master

Texsox

Posted
Posted

I made a loan to David Vega Galindo. I'm starting with their smallest loan of $25, plus the $2.50 gimme that kiva asks for.

 

Hi!

 

I just made a loan to someone in the developing world using a revolutionary new website called Kiva.

 

You can go to Kiva's website and lend to someone in the developing world who needs a loan for their business - like raising goats, selling vegetables at market or making bricks. Each loan has a picture of the entrepreneur, a description of their business and how they plan to use the loan so you know exactly how your money is being spent - and you get updates letting you know how the business is going. The best part is, when the entrepreneur pays back their loan you get your money back - and Kiva's loans are managed by microfinance institutions on the ground who have a lot of experience doing this, so you can trust that your money is being handled responsibly.

 

I just made a loan to an entrepreneur named David Vega Galindo in Mexico. They still need another $175.00 to complete their loan request of $600.00 (you can loan as little as $25.00!). Help me get this business off the ground by clicking on the link below to make a loan to David Vega Galindo too:

 

http://www.kiva.org/app.php?page=businesse...21662&_isc=

 

It's finally easy to actually do something about poverty - using Kiva I know exactly who my money is loaned to and what they're using it for. And most of all, I know that I'm helping them build a sustainable business that will provide income to feed, clothe, house and educate their family long after my loan is paid back.

 

Join me in changing the world - one loan at a time.

 

Thanks!

 

Texsox

---------------------------------------------------------

What others are saying about www.Kiva.org:

 

'Revolutionising how donors and lenders in the US are connecting with small entrepreneurs in developing countries.'

-- BBC

 

'If you've got 25 bucks, a PC and a PayPal account, you've now got the wherewithal to be an international financier.'

-- CNN Money

 

'Smaller investors can make loans of as little as $25 to specific individual entrepreneurs through a service launched last fall by Kiva.org.'

-- The Wall Street Journal

 

'An inexpensive feel-good investment opportunity...All loaned funds go directly to the applicants, and most loans are repaid in full.'

-- Entrepreneur Magazine

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Texsox Grand Master

Texsox

Posted
Posted

I'm thinking of donating $25 per month and hopefully rolling it over as people repay. But honestly, I'm thinking of it as a donation, repayment would be a nice bonus. I also decided, for obvious reasons to work with someone about a two hour drive and a border crossing. Maybe I can break his legs if he doesn't pay back what will amount to a nice dinner for one less wine and gratuity.

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Texsox Grand Master

Texsox

Posted
Posted
QUOTE(jasonxctf @ Oct 25, 2007 -> 11:48 AM)
here's where i'm confused.

 

1) are these loans made at a 0% rate?

2) what if someone doesn't pay back?

3) does kiva charge a fee?

4) if you are using paypal, don't you get dinged with paypal fees each way/time money is exchanged?

 

1.) Seems to be

2.) You lose your investment

3.) They ask for a donation. I donated the $2.50 they asked for after I loaned the $25. I'm not certain if they ask for 10% or a flat fee.

4.) Depends on your paypal account. I did not pay a fee to paypal. Usually isn't it the person receiving the money that pays the fee?

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jasonxctf Grand Master

jasonxctf

Posted
Posted

i think you are correct about paypal. thus i'm assuming that they'll charge me a fee to get my money back (if I get it back)

 

while i think this is a great idea, i don't quite understand why the loans don't charge a nominal (say 2-4%) interest rate. that would at least cover the kiva "donation" and paypal fees.

 

if it's a 6 month loan of $25, 4% would mean that the receipient would need to pay me $25.51 in 6 months.

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Balta1701 Grand Master

Balta1701

Posted
Posted
QUOTE(jasonxctf @ Oct 25, 2007 -> 10:46 AM)
i think you are correct about paypal. thus i'm assuming that they'll charge me a fee to get my money back (if I get it back)

 

while i think this is a great idea, i don't quite understand why the loans don't charge a nominal (say 2-4%) interest rate. that would at least cover the kiva "donation" and paypal fees.

 

if it's a 6 month loan of $25, 4% would mean that the receipient would need to pay me $25.51 in 6 months.

Dude, isn't it supposed to be at least on some level a charity? Do you really need that $.51 that badly?

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Texsox Grand Master

Texsox

Posted
Posted

Perhaps there is some value in at least having all the factors in a normal business loan present. But much like larger debt to third world countries, just getting the principle back is a victory of sorts.

 

I've seen a lot of those grocery stores that seem to be the popular business loan. I would be interested next time I am in Laredo to try and find the businesses that are being touted.

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jasonxctf Grand Master

jasonxctf

Posted
Posted
QUOTE(Balta1701 @ Oct 25, 2007 -> 05:49 PM)
Dude, isn't it supposed to be at least on some level a charity? Do you really need that $.51 that badly?

 

then lets call it a charity and not a loan. as someone who "loans" money all day long to businesses, the lender isn't supposed to lose $ on each and every deal.

 

why not just cancel out the loan all together, figure out how much $ kiva and paypal would be taking from me and just give it to the individual with no strings attached?

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southsider2k5 Grand Master

southsider2k5

Posted
Posted
QUOTE(jasonxctf @ Oct 25, 2007 -> 02:36 PM)
then lets call it a charity and not a loan. as someone who "loans" money all day long to businesses, the lender isn't supposed to lose $ on each and every deal.

 

why not just cancel out the loan all together, figure out how much $ kiva and paypal would be taking from me and just give it to the individual with no strings attached?

 

Kiva is a 501 ©3 organization.

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Texsox Grand Master

Texsox

Posted
Posted
QUOTE(jasonxctf @ Oct 25, 2007 -> 02:36 PM)
then lets call it a charity and not a loan. as someone who "loans" money all day long to businesses, the lender isn't supposed to lose $ on each and every deal.

 

why not just cancel out the loan all together, figure out how much $ kiva and paypal would be taking from me and just give it to the individual with no strings attached?

 

These are obviously sub sub prime loans in third world countries without any due diligence. The amounts be loaned are typically smaller than a VISA card. What I believe makes this charity different is the attempt at repayment. It's a loan that may turn into charity.

 

So using your suggestion, give, and if it comes back, give it to someone else. And so forth.

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  • 1 month later...
Texsox Grand Master

Texsox

Posted
Posted

I just received this.

 

Dear Tex,

 

The business you have loaned to, "Miscelanea Vega" run by David Vega

Galindo, has made a repayment of $50.00. The total amount repaid is now

$50.00. This repayment will be divided amongst all the lenders who

helped to fund this business, depending upon the percentage each lender

contributed.

 

http://www.kiva.org/app.php?page=businesse...ut&id=21662

 

Please note that these funds will not be credited to your Kiva account

until the loan is repaid in full or when the loan term is complete. At

that time, you will be able to withdraw these funds from Kiva.org or to

re-lend these funds to a new business.

To view your Kiva loan portfolio go to:

 

If you do not wish to receive these emails, you can disable them by

logging into your Kiva account and clicking "My Portfolio" and then "My

Account" where you can set your email preferences.

 

Best wishes,

 

Kiva Staff

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  • 5 weeks later...
Texsox Grand Master

Texsox

Posted
Posted

The loan I was in on seems to continue to receive regular repayments. He is scheduled to repay $50 per month for one year.

 

The business you have loaned to, "Miscelanea Vega" run by David Vega

Galindo, has made a repayment of $50.00. The total amount repaid is now

$100.00. This repayment will be divided amongst all the lenders who

helped to fund this business, depending upon the percentage each lender

contributed.

 

http://www.kiva.org/app.php?page=businesse...ut&id=21662

 

Please note that these funds will not be credited to your Kiva account

until the loan is repaid in full or when the loan term is complete. At

that time, you will be able to withdraw these funds from Kiva.org or to

re-lend these funds to a new business.

To view your Kiva loan portfolio go to: http://www.kiva.org/app.php?page=account.

 

If you do not wish to receive these emails, you can disable them by

logging into your Kiva account and clicking "My Portfolio" and then "My

Account" where you can set your email preferences.

 

Best wishes,

 

Kiva Staff

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