Kiva - helping others via micro-credit

[NOT 2 L8]

Well we seem to be plowing ahead at a nice steady rate.

Current team stats:

Somersoft Property Investing Forum

Number of Team Members 31

Number of Loans 371

Number of Loans per Member 12.0

Total Amount Loaned $9,675

We are at a stage now where our original loan is turning over nicely and we are relending very consistently. As for delinquincies etc, we have not had any problems yet and it seems to not be a problem generally as the stats below indicates.

My Loan Statistics Me Avg. Kiva User*
Total Amount Lent $950 $202
Total Amount Repaid $586 $157
Total Amount Lost $0.00 $2.23
Delinquency Rate 0.00% 3.24%
Amount of Paying Back Loans Delinquent $0.00 $2.16
Amount of Paying Back Loans $500.00 $66.67
Default Rate 0.00% 1.67%
Amount of Ended Loans Defaulted $0.00 $2.22
Amount of Ended Loans $450.00 $132.56
Currency Exchange Loss Rate 0.00% 0.00%
Amount of Currency Exchange Loss $0.00 $0.01

Chers.

Chris.

Ps. Tried to format but it all got blown out the window when posted. Sorry.

 

[Perp]

Great work, team! You've reminded me that I have some credit to re-loan...

 

[fokas]

Why haven't I seen this before? Thanks for taking the initiative with this OzPerp!

 

[Perp]

We're now 38 members and 500 loans!

If the new team members would like to introduce themselves, we'd love to meet you.

I feel so chuffed; well done, team Somersoft!

 

[Amadio]

I've just done some research on Kiva and I'm a bit confused.

What is the amount of interest that your borrowers are paying?

Does all that interest go back to you, or is there an administrative fee along the way?

Or are you foregoing interest repayments? Is that the charity bit?

 

[Perp]

I've just done some research on Kiva and I'm a bit confused.

What is the amount of interest that your borrowers are paying?

Does all that interest go back to you, or is there an administrative fee along the way?

Or are you foregoing interest repayments? Is that the charity bit?

LOL

Yes, foregoing interest is the charity bit, but not directly. The recipients of the loan pay interest, at a rate which is consistent with expectations in that community, but the microlending institution (often a charity) gets to keep the interest to cover their costs of administering the loan. Effectively the "charity" bit is that you're providing the capital for the microlender interest-free, because if the microlender had to raise capital in the marketplace and pay interest, as well as bear the costs of administering the loans, it wouldn't be a viable business.

Hope that clears it up for you!

 

[Simon]

No interest is paid. But with each loan just being $25 or more then it is no biggie.

They are loans too not donations so you get them back or relend them but there is no tax deductions.

I like it that it is helping entrepreneurs get something going. Bit like the theme of Somersoft.

Feel free to join in

 

[Amadio]

Thanks Perp and Simon.

I'll do a bit more research though - I'd like to know how much interest the recipients have to pay and what effect microloans are having on their general communities.

 

[travelbug]

Hi I finally joined and have about 5 loans out I think.

I too like the idea of giving entrepreneurs a go.

You pay a small admin charge. You can loan as little as $25. I look at it as it's only a few hundred dollars for me. When it's paid back I can loan it again. So in effect even if I give no more money but the money I have given it keeps going back to help even more people. Imagine if everyone gave just $100 (it keeps going back over and over). So it's like donating $100 a year but it doesn't cost you anything.

Other charities I support I give them the money and it's gone. I have to keep giving every year. I think that's where Kiva is great.

38 members
$13,175 in loans. Great work team.

 

[Perp]

Thanks Perp and Simon.

I'll do a bit more research though - I'd like to know how much interest the recipients have to pay and what effect microloans are having on their general communities.

I encourage you to do so. I also researched quite a bit.

There is a good summary of the main criticisms of the Kiva model and the Kiva responses on the Center for Global Development blog.

No model is flawless; I'm happy that Kiva has the balance about right.

 

[our obsession]

Nice....good stuff everyone.

 

[locko24]

Just signed up!

$25US = $23AU ----> Suckers

 

[Indifference]

I have been meaning to join for over a year... yeah, I know, time gets away from us sometimes but better late than never!

So, I just joined Kiva and joined the SS group their as well.

This truly is a fantastic concept. I think micro-lending is such a great way to help others that don't expect a handout, they just need a hand.

 

[Perp]

Welcome, both of you, to the team; the more the merrier! And yes, I think it is truly an amazing paradigm.

 

[Perp]

Wow, we now have 44 members, and have just made our ONE THOUSANDTH loan! $25,925 has been loaned. Truly inspiring stuff, Somersoftians, well done!

 

[Perp]

I was so excited at seeing we were at 1,000 loans that I completely forgot what it was I came here to post

Visual spatial representation of 6 years of Kiva loans

 

[travelbug]

It's great isn't it. As I have a few loans out I find it comes back quite quickly.

It's exciting when I get the Email saying I have money back to lend again.

It's like giving birthday presents every month.

 

[Indifference]

I just added another 5 loans.... so we are now over 1150 loans. That is a good effort for a relatively small group of only 45!

I also note a couple of SS'ers are BIG microfinance lenders... Kudos to you!

I encourage other SS members to consider joining the Kiva lending group... let's help improve other peoples lives who weren't as fortunate as us, as they were not born into a wealthy society.

 

[Indifference]

Feeling a little bit overwhelmed today.... so I visited Kiva in the hope of contributing to something positive. Well, it did contribute to my sense of well being but I really hope it helps improve a young ladies quality of life in Somoa!

 

[Perp]

Merry Christmas, Somersoft Kivans!

Legends! What a privilege it's been to have you all join me in this little venture. Bless you, and have an awesome Christmas and New Year.