Counting My Pennies

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Kiva Update

September 2, 2008 By Megan Smith

Just about a month ago, I decided to sign up with Kiva and contributed $25 to a loan. The loan has a term of 12 months and is repaid monthly.  Kiva just made a change to their procedures as well.  Now, instead of making lenders wait until the entire loan is repaid before they can withdraw or re-loan the money, they have access to that money as soon as the monthly payment is made.

Last week, I was delighted to get an e-mail indicating that the borrower I loaned money to had made her first repayment! The borrower is a 23-year-old woman in Tajikistan who works in animal sales. She buys young cattle, raises them, and sells them at market with the help of her husband. I was delighted to see her making her payments on time, and I hope that the loan can help her grow her business.

I’m really happy with Kiva so far. I treat it more like a charitable donation than a loan, as there is no interest involved, and I will probably re-lend the funds from this loan once it is paid back. But that’s not required – I can choose to pull the money out as soon as the loan is paid pack each month and all I’m out is bit of interest. Not too bad for a gesture that provides a huge benefit to someone else.  Right now, I’m letting that payment sit in my account at Kiva to be re-loaned when I have the entire $25 back.

If you haven’t already, go check out Kiva. And if you do sign up, I’d love it if you’d put me (megan [at] countingmypennies.com) as your referral. I don’t get anything for it, but when I open my Portfolio page on the site, I can see how many of my invitees have made loans, and it just makes me smile to know that the people I know are so generous.

Filed Under: charity

Comments

  1. MoneyEnergy says

    September 2, 2008 at 12:20 pm

    Wow, that’s amazing… I might like to try KIVA… I keep learning bits about it and it sounds like a way that I would be comfortable contributing to. Thanks for this update, it will be good to hear more about it.

  2. asgreen says

    September 2, 2008 at 12:29 pm

    I love Kiva. I am doing the same thing, reloaning what I give. It is just such a great way to see your money help people over and over again.

  3. Saph @ Walk With Me says

    September 5, 2008 at 1:12 pm

    I signed up with Kiva quite a few months back. It definitely feels good to know you’re helping someone help themselves. I like that they changed the policy and we can now have access to that money paid back straightaway instead of having to wait.

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