I enjoy reading my Kiva.org updates. Here’s the latest on one of my loans to Va Chou. 76% has been repaid!
It’s always interesting to look at the field partners involved who administrate the loans. In this case it’s Credit MFI - World Relief . The interest they charge is 11% on this loan. The “competition” on the ground there charges 43% interest!
Of course, through Kiva, Credit MFI gets their money “for free” so that allows costs to be lower and it’s administered through a charitable non profit organization so there’ s not the “loan shark” impulse at work though the interest rates charged do have to support the operation.
I have five loans (I need to get back in business!). Three are being repaid well. I have two who are paying back more slowly than the rest, my 2 African loans. Kiva cuts off the funds to projects that don’t repay the loans so there’s incentive to get all the money back. That means I trust I will get to recirculate that money, but it’s taking more time than I expected for those two loans.
I’m very happy with this one however.
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