I was reading this NY Times blog article on peer-to-peer lending at
http://bits.blogs.nytimes.com/2008/10/16/is-peer-to-peer-lending-working-for-you/#comment-59103
Yes, I know this article/discussion is referencing ‘peer-to-peer’ lending. But an excellent example of a successful and meaningful lending site is kiva.org.
There are hundreds of thousands of folks like you and I who provide loans to individuals, groups, and entrepreneurs in countries such as South Africa, India, Dominican Republic, etc to “lift them out of poverty”. What joy!
We are not rewarded financially with our loans. The cash goes to kiva who is a non-profit organization which sends the money to micro-financing institutions in various countries who in turn lend the money locally.
Months ago, there were always hundreds of people awaiting financing. Kiva held the payback until all funds were paid back. But since Kiva made the decision to pay the lenders back as the money came in, many of us simply ‘recycle, if you will, the cash right back in to finance others. The result of this has been a shortage of folks seeking cash, but they are working on remedying this ‘good problem’. In the past month, there were only 4-5 folks awaiting funding.
I just took another look at the site and there are 137 awaiting funding so it appears that they have found a solution.
http://www.kiva.org/lender/faithsloan
I do not receive any financial compensation for promoting kiva.org. What I do receive is music emanating from my heart and yes, it feels wonderful.
God Bless
Faith
http://faithsloan.com