Kiva: Loans that change lives
Kiva is a person-to-person microfinancing organisation. It enables individuals like me to directly loan small amounts of money to person(s) in developing countries and thereby enabling them to help themselves, their families and even the community they live in.
Microfinancing is a powerful way of relieving poverty. A store needs supplies, a bakery needs wheat, a garage needs spare parts, etc. But getting these initial goods to start up a business costs money, which is not easy to get if you're an entrepreneur working in the informal economy of a developing country; Banks are not all that happy lending very small amounts of cash.
Luckily nowadays there are a number of institutions who do provide such small loans. And I would too, if only i could. However, the problem is i don't want to just lend a fairly large amount of money to a single (group of) person(s) and secondly i have no means to directly loan money to someone in a developing country as i don't have any contacts there.
Here Kiva comes in: It has both the contacts needed and it allow me to loan small amounts, thus allowing me to help a number of person(s) at once, even though i'm just helping each partly.
I do have an objection against the current microfinance system (including Kiva): the high interest rate on the loans, over 20% in most cases as a result of the high operating costs of microfinancing due to the nature of the business. This, unfortunately, is a complex economic issue and apparently not easy to lower.
Either way, despite my objection, i find the Kiva initiative a good one and therefore have made $25 loans to 10 different projects now (and also donated $25 to Kiva itself).
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#2 - 5 april 2012, 06:03
Falling in debt is a very painful process of life, which practically every one falls into at one time or the other. Sometimes, you may not know what to do to get out of debt; it is in such conditions that it is better to approach a debt consolidation company for a debt consolidation loan.A debt consolidation loan is a loan that replaces multiple smaller loans wherein you make a single payment to the debt consolidation company. This loan is usually for a longer period, and at a lower interest rate. The main advantage of a low interest debt consolidation loan is that instead of having to face numerous creditors every month to make their monthly payments, this job is handled by the debt consolidation company. They will pay the individual companies their payments with the single payment you make to them.There is huge competition among debt consolidation companies, on who provides the loan at a lower rate. So to get a good deal on a debt consolidation loan, you have to first calculate all debts, and interest, incurred by you. With this, you can decide which debt consolidation loan is offering a lower interest than the interest rates of the loans you already have.It is important to place some collateral for a debt consolidation loan, like a home, car, and vehicle. However to get a low interest debt consolidation loan, it is better to offer a property with a higher collateral value. The lender is sure to offer you a lower rate with the high property placed as collateral.When the amount you borrow is lower than the collateral, the lender faces a lower risk, and will thereby be ready to offer you a low rate debt consolidation loan. Avoid borrowing more money than you need. This only increases your debt, and will bring you a higher interest rate! And try to opt for a short repayment schedule for the debt consolidation loan. Repaying a debt consolidation loan can possibly to take a long time of up to 30 years. However, the longer the period, the higher the interest!Approaching small finance companies for a debt consolidation is another strategy to employ to get a low interest debt consolidation loan. This is because as they are usually startup companies, they are always on the lookout for new clients, and are ready to quote low interest rates.Once you decide on the right debt consolidation company offering a low interest debt consolidation loan, counselors will be sent to you to access your financial position. Once they get an idea of all your loans and creditors, they will approach your creditors to negotiate for lower monthly installments and interest rates. The creditors usually oblige to this as they consider a lower payment is better than no payment at all!Some debt consolidation companies may charge a fee for these services, while some do it for free. Then once the creditors are all approached, and monthly payment set upon, you just have to pay the company and they will pay your creditors on your behalf!
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#3 - 15 april 2012, 02:44
Well I used to sue people that didn’t pay their bills and was a collector so I have a little knowledge about consolidation. It is good you don’t want to go through CCC because they take about .75 cents of every dollar you give them. If you own your home you could try refinancing to get some money out or a home equity loan as it will have lower interest than your CC’s. Depending on how good your credit it a consolidation loan could be a good option, ask your bank or try a credit union to get the best rates. You can also call your credit card companies. Most will work with you if you let them know before you go delinquent. I had an MBNA card that I let get too high and couldn’t pay anything but the minimum, I was 18, first card. They gave me 0% interest as long as I made my monthly payments but they closed the card. They also bumped up my monthly payment to $30. I ended up paying it off with a little help from taxes but I didn’t have to pay interest. Your best bet would be call your CC companies and see if they will lower your interest. If you want one payment then try for a loan.
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#4 - 25 april 2012, 08:05
Debt consolidation programs will not help with payday loans. They won’t budge on the payments or interest rates.See if you can get a credit card with 0% interest on balance transfers and pay them off that way.If that doesn’t work, doesn’t look at your credit and you pay them once a month, not every payday.
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#1 - 4 april 2012, 05:46
If possible, find a new bank in your area liwling to give you a personal loan. There are banks like that believe it or not that will give you a loan with no credit/poor credit. I received an unsecured loan before, but in most areas it is more difficult. You have to do some math. Consider how much debt you are in, how much you can afford to pay and what are your future lending needs. If you are in say 10K of debt and can make more than the minimum payments but its difficult buckle down and try to only spend the bare minimum. Split your debt..meaning take a loan out for part of it, or get someone to co-sign for another credit card with 0% interest for 1 year. If you are paying 18% interest on your 10K debt and split your debt, only paying half the interest so Instead of 180 dollars in interest a month, its 90. $2160 in interest a year or $1080, which is better?? It can be the little things that help. I had a friend that had a credit card with 0% interest for a year, and his other card with 16%. For some odd reason he would pay larger payments to the 0%..Pay off what has the most interest first, of course. Anyhow, debt consolidation is a bad idea. If your really behind on payments, just settle your debt..and then make sure to build it back up after .sooner you settle your debt, sooner you can recover..