I started lending on Kiva a couple of years ago, lending as Ecomonkey.
I still have around $750 lent out in $25 amounts, which is divided at any one time into 28 loans. The loan is a revolving one and has now supported over 185 individuals and groups. If you do the maths that’s over $4600 in small loans.
By lending small amounts and picking recipients judiciously – ie. you think they have a good business proposition, you can ensure your default rate is low. I’m a bit cocky as mine is still under 1%, though overall KIVA’s repayment rate is a good 98.92%! I think only Zopa.com, a social lending venture in the UK has a better rate than that.
Should I need the money back, I have to wait. However, most loans are very short term – a few months, so with a pot of $700 you can expect to get most of it back over a period of 6 months.
Anyway I thought it would a nice idea to set up a Lending Team on OurLocality. Lend as an individual or join the OurLocality Kiva Club.
Get your kids involved.
Philip I
