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Be a micro-creditor |
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This Entry: Date: 2007-11-22 Time: 13:16 Comments: 0 Return To: Recent Entries | |||
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Be a micro-creditorI just found out about this cool non-profit site that fronts for microcredit institutions. You can lend $25 to someone, helping to back their microcredit loan. When the money is repaid by the person you get your $25 back to lend to a new person, or to withdraw from the system. The site works with organizations that specialize in microfinance and who know how to recommend loans that are viable. The current default rate is 0.24%, on 23065 loans. There are currently 147525 lenders like you and me in their system. And if the loan does default, well a charitable donation of $25 is not going to break you, eh? You don’t make any interest on the money, and the players along the way cover their costs with this interest. So it is more of a refundable charitable contribution than an investment. However, you are directly funding the person, so there is a social benefit. I am thinking of getting involved in this.
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