‘If you’ve got 25 bucks, a PC and a PayPal account, you’ve now got the wherewithal to be an international financier.’ — CNN Money on Kiva.org
Microloans have always interested me as a way of support growth and independence in third world countries. I basically have this “nest egg” of tithe I’ve been sitting on since the end of last semester and a microloan seems like a good way to start using it. I found a site, Kiva.org, that does just that. I took the plunge today, loaning $50 to my new friend, Teymur, from the Salyan region of Azerbaijan. Teymur is an Internally Displaced Person (IDP) from the Armenian-occupied territory of Azerbaijan, Lachin region. He is married and has a child. Apparently, I should be getting updates from Teymur, so I’ll post updates when I get them. The repayment period is 14-18 months and is interest free, as in I make no money. Teymur will pay back exactly what he borrowed, no more and (hopefully) no less.
Interestingly enough, Kiva has experienced a 100% repayment rate. That’s pretty amazing. Even more amazing is that “[i]n the past 30 years, over 100 million of the world’s poor have received a micro-loan and demonstrated a >95% repayment rate.”
I’m also thinking about sponsoring a child through Compassion.0