Penny Arcade Forums› Social Entropy++
The new forums will be named Coin Return (based on the most recent vote)! You can check on the status and timeline of the transition to the new forums here.
The Guiding Principles and New Rules document is now in effect.

KIVA! Our Loan Got Repaid!

unintentionalunintentional smellyRegistered User regular
edited August 2010 in Social Entropy++
bannerbox.png

KIVA

What is Kiva you ask? Well gather round and listen up!

Kiva is a website where people who need small-ish amounts of money (like $500) put up a request for a loan.
Then 20 people put up $25 as a pseudo-donation (you get the money back) and that person can buy enough fish or whatever to start a store and then they can be self sufficient and pay the loan back!

Or, in Kiva's words:
Kiva wrote:
When you lend to an entrepreneur, Kiva wires the funds to the local Field Partner to administer your loan. Field Partners disburse the loan to the entrepreneur and after a grace period begin collections. Typically, loan officers will travel out to the entrepreneur's location (e.g. rural village) and collect a repayment on a monthly basis. Most of the time, entrepreneurs are able to pay the loan officer on time the full amount due without any issues. On occasion, an entrepreneur may be late in payments. You can view for any Field Partner the percentage of Paying Back loans that are over one month late in repayment. This is an indicator of how successful their collections efforts are. Once funds are collected, the Field Partner wires funds back to Kiva and Kiva's software automatically distributes the repayments to each internet lender.


Kiva keeps track of how many loans you have made and you can join a GROUP for lending stuff!

I have gone ahead and made an SE++ Kiva Group.
http://www.kiva.org/community/viewTeam?team_id=7974

I've put $25 towards a woman named Parvina Alikulova at laughingfuzzball's suggestion. She runs a video store and needs money to buy more dvd's.
EDIT: That loan has been ffully funded. If people want to search out new people to fund go right ahead! :D
http://www.kiva.org/app.php?page=businesses&action=about&id=117502&_tpos=3&_tpg=2
So who's in?!

unintentional on
«13456

Posts

  • NadsNads Bob Ducca Asleep in a cul-de-sac.Registered User, ClubPA regular
    edited July 2009
    I'm honored that you would all give me money.

    Nads on
    3c5d24e9-b7f2-44ba-bbf2-3b4658af70bd.jpg
  • The Black HunterThe Black Hunter The key is a minimum of compromise, and a simple, unimpeachable reason to existRegistered User regular
    edited July 2009
    This really is an awful idea

    not just this thread

    this whole thing

    The Black Hunter on
  • FirmSkaterFirmSkater Registered User regular
    edited July 2009
    This is pretty cool but I literally have no money.

    Maybe you should all give me some money and I'll pay you back maybe.

    FirmSkater on
    sig2.jpg
  • DavoidDavoid Registered User regular
    edited July 2009
    Hey guys pay me money to start my drug smuggling operation

    Davoid on
    rqv6.png
  • Jason ToddJason Todd Registered User regular
    edited July 2009
    find a human trafficker

    underaged, eastern-european brides for everyone!

    Jason Todd on
    filefile.jpg
  • unintentionalunintentional smelly Registered User regular
    edited July 2009
    Seriously it's like $25 and you get it back

    unintentional on
  • BarcardiBarcardi All the Wizards Under A Rock: AfganistanRegistered User regular
    edited July 2009
    This is a great idea for people in india, not such a great idea for Milhouse and Bart and Martin.

    Barcardi on
    BREAKING NEWS!
  • George Fornby GrillGeorge Fornby Grill ...Like Clockwork Registered User regular
    edited July 2009
    Are there any legal obligations at all?
    Like, any sort of contract?

    George Fornby Grill on
  • the wookthe wook Registered User regular
    edited July 2009
    unintentional wrote: »
    Seriously it's like $25 and you get it back

    that guaranteed?

    the wook on
  • unintentionalunintentional smelly Registered User regular
    edited July 2009
    http://www.kiva.org/about/risk/overview

    98.61% successful repayment

    so, no its not guaranteed but its pretty fucking close

    unintentional on
  • DavoidDavoid Registered User regular
    edited July 2009
    Listen man, I could, you know, help a guy make a life for himself, start a business, all that

    but 25 bucks man, that's like, 3 hamburgers

    Davoid on
    rqv6.png
  • unintentionalunintentional smelly Registered User regular
    edited July 2009
    can I put that in the OP davoid because that pretty much sums it up

    unintentional on
  • DavoidDavoid Registered User regular
    edited July 2009
    totally

    It is just 25 bucks, but, it's that magic amount where it honestly isn't much, but, at the same time, "man, it's 25 bucks...."

    Davoid on
    rqv6.png
  • WrenWren ninja_bird Registered User regular
    edited July 2009
    so what do you do, give them your credit card information or send them a blank cheque or something?

    Wren on
    tf2sig.jpg
    TF2 - Wren BF3: Wren-fu
  • #pipe#pipe Cocky Stride, Musky odours Pope of Chili TownRegistered User regular
    edited July 2009
    microloans are really good

    you know for society and everything

    but nobody here is going to do that thing sorry duder

    #pipe on
    JvTDS.png
    Need some stuff designed or printed? I can help with that.
  • laughingfuzzballlaughingfuzzball Registered User regular
    edited July 2009
    Davoid wrote: »
    Hey guys pay me money to start my drug smuggling operation

    How about gray-market DVDs?

    http://www.kiva.org/app.php?page=businesses&action=about&id=117502&_tpos=3&_tpg=2

    Seriously, we could get this one done tonight.

    laughingfuzzball on
  • unintentionalunintentional smelly Registered User regular
    edited July 2009
    pretty sure it's paypal

    unintentional on
  • WrenWren ninja_bird Registered User regular
    edited July 2009
    oh, well I'm not making a paypal account so I guess Ungooda the prospective fish monger is SOL

    Wren on
    tf2sig.jpg
    TF2 - Wren BF3: Wren-fu
  • TabascoTabasco Registered User regular
    edited July 2009
    This doesn't work so well in a recession. I would have been glad to participate when I had money though.

    Tabasco on
    Life is too important to be taken seriously.
    -Oscar Wilde
  • laughingfuzzballlaughingfuzzball Registered User regular
    edited July 2009
    Worthless Lurker wrote: »
    Are there any legal obligations at all?
    Like, any sort of contract?

    That's all handled by banks in-country.

    Which bank is listed in the description, so you can do your research if you really want to.

    laughingfuzzball on
  • unintentionalunintentional smelly Registered User regular
    edited July 2009
    Wren wrote: »
    oh, well I'm not making a paypal account so I guess Ungooda the prospective fish monger is SOL

    no, they have the paypal account
    you give paypal your credit card information because they're a reliable intermediary

    unintentional on
  • marty_0001marty_0001 I am a file and you put documents in meRegistered User regular
    edited July 2009
    I think this is a great idea. It's like making a donation, but ultimately, you don't have to part with your money! It is the Scrooge McDuck method of philanthropy.

    Count me in.

    marty_0001 on
  • the wookthe wook Registered User regular
    edited July 2009
    look, i'm just too busy drinking my dreams away to invest in those of others

    the wook on
  • WrenWren ninja_bird Registered User regular
    edited July 2009
    scrooge mcduck would never loan money out at a 0% interest rate

    Wren on
    tf2sig.jpg
    TF2 - Wren BF3: Wren-fu
  • unintentionalunintentional smelly Registered User regular
    edited July 2009
    Wren wrote: »
    scrooge mcduck would never loan money out at a 0% intrest rate

    I think there is interest. but it goes to the operating costs of the website.
    I don't think the rate is very high

    unintentional on
  • WrenWren ninja_bird Registered User regular
    edited July 2009
    12% bi-weekly and I own your first born daughter

    (no uggos)

    Wren on
    tf2sig.jpg
    TF2 - Wren BF3: Wren-fu
  • MeldingMelding Registered User regular
    edited July 2009
    I was thinking about opening a large scale operation to experiment on Skittle based drinks. Give me your money please.

    Melding on
  • slowslow Registered User regular
    edited July 2009
    gotta go with wook here

    drinking away the knowlege of tomorrow is not cheap

    slow on
  • AirAir Registered User regular
    edited July 2009
    someone buy me one of those things that burns like 10 dvds at a time and labels them and everything

    and a good internet plan

    Air on
    darjeelingshortsig95.jpg
  • RaneadosRaneados police apologist you shouldn't have been there, obviouslyRegistered User regular
    edited July 2009
    I don't understand what's to stop me from walking off with 500 dollars

    Raneados on
  • slowslow Registered User regular
    edited July 2009
    Raneados wrote: »
    I don't understand what's to stop me from walking off with 500 dollars
    the honor system

    slow on
  • MeldingMelding Registered User regular
    edited July 2009
    Seriously, i will send you stuff if you give me money, I am trust worthy guy.

    Melding on
  • DavoidDavoid Registered User regular
    edited July 2009
    KIVA will send you periodic emails to remind you

    HI! PLEASE PAY BACK YOUR LOAN!

    Kiva.org

    Davoid on
    rqv6.png
  • unintentionalunintentional smelly Registered User regular
    edited July 2009
    Kiva Field Partners work in impoverished areas to screen and approve entrepreneurs who demonstrate a need for a loan and a reasonable likelihood of repayment. Over the last 30 years 100 million entrepreneurs have been reached by such organizations and data suggests that the poor can be quite credit worthy (+95% repayment rates) if the Field Partner employs the proper screening methodology. One common methodology is to lend to entrepreneurs who belong to a borrowing group (e.g. a group of 5 women from the same village who know each other well). Loans to one member of the group are contingent on the other group members repaying on time. Because each member's livelihood depends on other members' repayment, a form of peer monitoring and support develops which helps ensure high repayment rates. Loans directly to individual entrepreneurs are also common, especially as the entrepreneur proves their credit-worthiness in a group setting.
    http://www.kiva.org/about/risk/partnerRole/

    unintentional on
  • TabascoTabasco Registered User regular
    edited July 2009
    slow wrote: »
    Raneados wrote: »
    I don't understand what's to stop me from walking off with 500 dollars
    the honor system

    In that case, I'm about to be $500 richer.

    Tabasco on
    Life is too important to be taken seriously.
    -Oscar Wilde
  • slowslow Registered User regular
    edited July 2009
    Tabasco wrote: »
    slow wrote: »
    Raneados wrote: »
    I don't understand what's to stop me from walking off with 500 dollars
    the honor system
    In that case, I'm about to be $500 richer.
    and poorer in honor

    slow on
  • unintentionalunintentional smelly Registered User regular
    edited July 2009
    Typically, loan officers will travel out to the entrepreneur's location (e.g. rural village) and collect a repayment on a monthly basis. Most of the time, entrepreneurs are able to pay the loan officer on time the full amount due without any issues. On occasion, an entrepreneur may be late in payments.
    on the same page

    unintentional on
  • Tweaked_Bat_Tweaked_Bat_ Registered User regular
    edited July 2009
    This is pretty cool.

    Find us a "sponsor" or whatever and I'll chuck in $25.

    Tweaked_Bat_ on
  • #pipe#pipe Cocky Stride, Musky odours Pope of Chili TownRegistered User regular
    edited July 2009
    Melding wrote: »
    I was thinking about opening a large scale operation to experiment on Skittle based drinks. Give me your money please.

    is there room in your research for Suudsu?

    cea16f0e00.jpg

    #pipe on
    JvTDS.png
    Need some stuff designed or printed? I can help with that.
  • WrenWren ninja_bird Registered User regular
    edited July 2009
    maybe these people should just get better jobs so they won't be so poor anymore

    Wren on
    tf2sig.jpg
    TF2 - Wren BF3: Wren-fu
Sign In or Register to comment.
Penny Arcade Forums› Social Entropy++