I have decided to lend $25 each month from my salary to people in need of credit. This will be done through KIVA. KIVA is a lending platform with a 99.03% repayment rate for 340,986,325 transactions in ended loans. This loan repayment rate is much higher than any bank. I will decide later on repayments that how much of my money will be further used either as a loan or development aid. This is my Profile at KIVA, so that one can always check the authenticity of the claim.
A story of how a small loan from you can change the life of a family
How Kiva Works (http://www.kiva.org/about/how)
1- Make a loan: You make a loan on KIVA. All KIVA loans are made possible by our Field Partners, who vet, administer, and disburse each loan.
2- Get updates: Throughout the life of the loan, you will see progress updates from Kiva through your email, and if you come back to the site.
3- Get paid back: As the borrower repays the loan, the money becomes available in your account. This is called your Kiva Credit.
4- Repeat: You can now use it to fund another loan, donate it to Kiva, or withdraw it to spend on something else.
Why did I choose KIVA?
Development aid has been flowing for decades, but the results have been absolutely dismal. Instead, recipients have merely become dependent. There is a long chain of "middlemen," i.e,. The consultants and the companies are involved in this "trade" between the donor and the beneficiaries. Hence, I find microfinance as a better instrument to alleviate poor than a poorly designed development aid. People should decide how to help those in need. It needs a very big database of demand and supply of credit, with the purpose of the loan clearly mentioned. KIVA is doing just that thing. Hence, we will be far less likely to complain that their money is being wasted or misused if we choose where it goes.
I believe that our society cannot sustain, unless we contribute back in some way or the other. I strongly feel that if even one person does their bit towards social good, there will be a positive change. I am not giving anyone a lot of theories, clever strategies, or concepts. I am asking for direct cash transfers to the needy as a loan. In helping others, Little is not little, enough is not enough.
1- Make a loan: You make a loan on KIVA. All KIVA loans are made possible by our Field Partners, who vet, administer, and disburse each loan.
2- Get updates: Throughout the life of the loan, you will see progress updates from Kiva through your email, and if you come back to the site.
3- Get paid back: As the borrower repays the loan, the money becomes available in your account. This is called your Kiva Credit.
4- Repeat: You can now use it to fund another loan, donate it to Kiva, or withdraw it to spend on something else.
Why did I choose KIVA?
Development aid has been flowing for decades, but the results have been absolutely dismal. Instead, recipients have merely become dependent. There is a long chain of "middlemen," i.e,. The consultants and the companies are involved in this "trade" between the donor and the beneficiaries. Hence, I find microfinance as a better instrument to alleviate poor than a poorly designed development aid. People should decide how to help those in need. It needs a very big database of demand and supply of credit, with the purpose of the loan clearly mentioned. KIVA is doing just that thing. Hence, we will be far less likely to complain that their money is being wasted or misused if we choose where it goes.
I believe that our society cannot sustain, unless we contribute back in some way or the other. I strongly feel that if even one person does their bit towards social good, there will be a positive change. I am not giving anyone a lot of theories, clever strategies, or concepts. I am asking for direct cash transfers to the needy as a loan. In helping others, Little is not little, enough is not enough.
