Not as Advertised
I originally thought this app was so that I could lend some money to people in need so they didn’t have to borrow from predatory banks with high interest rates and terms. On the pages of potential borrowers, it says their loan terms (things like interest rates, payment terms, etc.) and that made me wonder, if I’m the lender how do they already have lending terms. So I dug a little deeper and it turns out the borrowers on the app are already borrowing from a bank and have setup payment terms with that bank loan. My question then was “so where’s my money going?!?” The only thing I could come up with is that my money must be going to pay the bank? Or to pay the app developers? In addition, if the borrower doesn’t pay the bank back in full, you don’t get your money back in full either. It felt like I was a fail safe for the banks and not for the borrowers which was not how I wanted my money to be used. I would encourage you to look further into the borrowers and if they’re already borrowing from a bank and think about what that means for your money.
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Why?
Kiva attempts to course you to donate five dollars with every single person you help on their platform, by defaulting to a five dollar donation per each individual you put in your basket. In addition when you personally get paid back their settings, have it defaulted as to where they get the money if you do not sign in in aceta amount of time. I really like to help the individuals who are seeking help however, it is not my job to be badgered for money every time I help someone around the world. Originally this was a great platform, however, when you review all of the ways that they get money, how they treat everyone, the fact you don’t get the interest that the end person is paying, you are the one who takes all the risk and the fact that they force every person on the platform to pay use Kiva to Microfinance their loans, it is apparent Kiva is only in existence for to make someone in the developed world rich. Even if it is a “nonprofit”.
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Rewarding to help others
Over the last five years, I have loaned nearly $700 in small, $25 micro loans to hundreds of people across the globe. The repayment rate is somewhere around 97%. Knowing I am making a tangible difference in the lives of the poorest people around the world by providing them with the capital to invest in themselves and their families is the most rewarding feeling in the world. I absolutely love Kiva.
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Kiva lending made easy
Kiva’s app is easy to use, providing prompts on loans that fit my portfolio and allowing search by country and lending themes (types of ventures). It’s inspiring to read about the farmers and micro-entrepreneurs —and the risk rating is helpful too.
So easy to help business that hires others
I loaned $25 dollars 15 years ago and as it is payed back I just reinvest in someone else. Imagine! The same $25 helping over and over again.
