Kiva [Microlending to the less fortunate]
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Re: Kiva [Microlending to the less fortunate]
I still think this is a terrible scam. Everyone's eating but the lender, who takes ALL the risk. F that.
Daehawk wrote:Thats Drazzil's chair damnit.
- Chrisoc13
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Re: Kiva [Microlending to the less fortunate]
It's charity, not a monetary investment. Micro loans have proven to work and are excellent.Drazzil wrote:I still think this is a terrible scam. Everyone's eating but the lender, who takes ALL the risk. F that.
- em2nought
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Re: Kiva [Microlending to the less fortunate]
Seems to work exactly like my trucking business then. Even the accountant made more off of my business than I did this year.
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Re: Kiva [Microlending to the less fortunate]
If its a charity where's the tax write off? Where's the deduction line item for losses?
Daehawk wrote:Thats Drazzil's chair damnit.
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Re: Kiva [Microlending to the less fortunate]
Bah! Humbug!Repayments make Kiva loans not tax-deductible in the United States.
Daehawk wrote:Thats Drazzil's chair damnit.
- Zaxxon
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Re: Kiva [Microlending to the less fortunate]
Ah, yes. The 'it's only good if I get a benefit, too' theory.
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Re: Kiva [Microlending to the less fortunate]
Everyone down the chain gets fed but. rhe lender. Total freaking scam in my book. I would understand if it were tax deductable, but its not! Thus the bah and the humbug.
YMMV. But also there have been economic studies done that show that the net gain to impoverished lendees is almost zero, so theres that. If you want to fund a poor person for zero repayment and probable default just make your checks out to Drazzil. Thats Drazzil with two z's.
* Note, please dont do this. I am doing very well, thank you very much.
Last edited by Drazzil on Thu Dec 20, 2018 10:14 pm, edited 1 time in total.
Daehawk wrote:Thats Drazzil's chair damnit.
- Moat_Man
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Re: Kiva [Microlending to the less fortunate]
Since when was charity required to be tax deductable? Do you ask for a receipt anytime you put money in a donation can? Being a Kiva contributor isn't something anyone does for profit. Bah humbug indeed.
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Re: Kiva [Microlending to the less fortunate]
YMMV. I make all my charitable donations to AA. AA is an extremely lean organization with zero administrative costs and does far more good then Kiva. BAH! HUMBUG!!Moat_Man wrote: ↑Thu Dec 20, 2018 10:11 pmSince when was charity required to be tax deductable? Do you ask for a receipt anytime you put money in a donation can? Being a Kiva contributor isn't something anyone does for profit. Bah humbug indeed.
Daehawk wrote:Thats Drazzil's chair damnit.
- stessier
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Re: Kiva [Microlending to the less fortunate]
Under the new tax plan, it is exceedingly unlikey that claiming those deductions will be worthwhile.
Just to put numbers on your musings...Kiva's current payback rate is 91.7%. AA's estimated success rate is 5-10%.
Just to put numbers on your musings...Kiva's current payback rate is 91.7%. AA's estimated success rate is 5-10%.
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
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- Isgrimnur
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Re: Kiva [Microlending to the less fortunate]
The ‘Anonymous’ part makes it really hard to get accurate information.
It's almost as if people are the problem.
- pr0ner
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Re: Kiva [Microlending to the less fortunate]
Do you have enough deductions to itemize your tax return to see the tax advantages of your donations? Especially while unemployed? I doubt it, so why do your care if Kiva loans are tax deductible or not?Drazzil wrote: ↑Thu Dec 20, 2018 10:16 pmYMMV. I make all my charitable donations to AA. AA is an extremely lean organization with zero administrative costs and does far more good then Kiva. BAH! HUMBUG!!Moat_Man wrote: ↑Thu Dec 20, 2018 10:11 pmSince when was charity required to be tax deductable? Do you ask for a receipt anytime you put money in a donation can? Being a Kiva contributor isn't something anyone does for profit. Bah humbug indeed.
Hodor.
- Chrisoc13
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Re: Kiva [Microlending to the less fortunate]
It's not a business opportunity or an investment. It's an opportunity to lend a hand to less fortunate people or people that could use a hand. Most of mine have to been impoverished women. I'm clearly in the one percent of the world (most of us in the United States are) Who cares if everyone but you benefits? I have been blessed, if every penny I put into kiva is not repaid so be it. If I can't write it off on my taxes so be it. That's not the point. There are lots of good things people can do for others without benefit coming to yourself. If you're trying to benefit from it then you're doing it wrong. I'm just happy if my loan gets repaid so I can re-lend it.Drazzil wrote:Everyone down the chain gets fed but. rhe lender. Total freaking scam in my book. I would understand if it were tax deductable, but its not! Thus the bah and the humbug.
YMMV. But also there have been economic studies done that show that the net gain to impoverished lendees is almost zero, so theres that. If you want to fund a poor person for zero repayment and probable default just make your checks out to Drazzil. Thats Drazzil with two z's.
* Note, please dont do this. I am doing very well, thank you very much.
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Re: Kiva [Microlending to the less fortunate]
I don't. I. just love to argue. I have an addiction to chaos thats harder to kick then booze or pot.
Daehawk wrote:Thats Drazzil's chair damnit.
- pr0ner
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Re: Kiva [Microlending to the less fortunate]
Oh, look, he finally admitted the source of all his dystopian fantasies.
Hodor.
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Re: Kiva [Microlending to the less fortunate]
Respect!!Chrisoc13 wrote: ↑Fri Dec 21, 2018 11:18 amIt's not a business opportunity or an investment. It's an opportunity to lend a hand to less fortunate people or people that could use a hand. Most of mine have to been impoverished women. I'm clearly in the one percent of the world (most of us in the United States are) Who cares if everyone but you benefits? I have been blessed, if every penny I put into kiva is not repaid so be it. If I can't write it off on my taxes so be it. That's not the point. There are lots of good things people can do for others without benefit coming to yourself. If you're trying to benefit from it then you're doing it wrong. I'm just happy if my loan gets repaid so I can re-lend it.Drazzil wrote:Everyone down the chain gets fed but. rhe lender. Total freaking scam in my book. I would understand if it were tax deductable, but its not! Thus the bah and the humbug.
YMMV. But also there have been economic studies done that show that the net gain to impoverished lendees is almost zero, so theres that. If you want to fund a poor person for zero repayment and probable default just make your checks out to Drazzil. Thats Drazzil with two z's.
* Note, please dont do this. I am doing very well, thank you very much.
Daehawk wrote:Thats Drazzil's chair damnit.
- gilraen
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Re: Kiva [Microlending to the less fortunate]
Pretty much same. Only a couple of my loans have defaulted, Kiva shows delinquency rate on my loans to be 0.23%.Chrisoc13 wrote: ↑Fri Dec 21, 2018 11:18 am Most of mine have to been impoverished women. I'm clearly in the one percent of the world (most of us in the United States are) Who cares if everyone but you benefits? I have been blessed, if every penny I put into kiva is not repaid so be it. If I can't write it off on my taxes so be it. That's not the point. There are lots of good things people can do for others without benefit coming to yourself. If you're trying to benefit from it then you're doing it wrong. I'm just happy if my loan gets repaid so I can re-lend it.
I almost always lend to women, with very few exceptions; almost always to specific regions (Central Asia, Africa, some parts of Latin America). It's not all about someone trying to run a business, like a store or a farm (although there are quite a few of those). It may be someone who has no toilet in their house - not even an outdoor one, and they want to borrow a few hundred dollars to build one so their family stops getting sick all the time. What is the "net gain", as you put it, on this project? In my book, it's about as worthwhile as it gets.
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Re: Kiva [Microlending to the less fortunate]
I would find very little net gain in supporting people with no infrastructure to support them. They grow up and have little job prospects. It sucks because they often live next to extremely sensitive ecological spots. I would feel much guilt about throwing gasoline on the fire.gilraen wrote: ↑Fri Dec 21, 2018 12:33 pmPretty much same. Only a couple of my loans have defaulted, Kiva shows delinquency rate on my loans to be 0.23%.Chrisoc13 wrote: ↑Fri Dec 21, 2018 11:18 am Most of mine have to been impoverished women. I'm clearly in the one percent of the world (most of us in the United States are) Who cares if everyone but you benefits? I have been blessed, if every penny I put into kiva is not repaid so be it. If I can't write it off on my taxes so be it. That's not the point. There are lots of good things people can do for others without benefit coming to yourself. If you're trying to benefit from it then you're doing it wrong. I'm just happy if my loan gets repaid so I can re-lend it.
I almost always lend to women, with very few exceptions; almost always to specific regions (Central Asia, Africa, some parts of Latin America). It's not all about someone trying to run a business, like a store or a farm (although there are quite a few of those). It may be someone who has no toilet in their house - not even an outdoor one, and they want to borrow a few hundred dollars to build one so their family stops getting sick all the time. What is the "net gain", as you put it, on this project? In my book, it's about as worthwhile as it gets.
Daehawk wrote:Thats Drazzil's chair damnit.
- stessier
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Re: Kiva [Microlending to the less fortunate]
Be thankful Isgrimnur doesn't have the same belief.
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
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Re: Kiva [Microlending to the less fortunate]
I thank god for Isgrimnur.
Daehawk wrote:Thats Drazzil's chair damnit.
- Moat_Man
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Re: Kiva [Microlending to the less fortunate]
This sums up nicely how I feel and how/why I use Kiva. Thanks Chrisoc13. I had a momentary blip of anger at Draz but thought of how Luke Skywalker had the same thing with Kylo Ren and look how that turned out. I ended up not responding.Chrisoc13 wrote: ↑Fri Dec 21, 2018 11:18 amIt's not a business opportunity or an investment. It's an opportunity to lend a hand to less fortunate people or people that could use a hand. Most of mine have to been impoverished women. I'm clearly in the one percent of the world (most of us in the United States are) Who cares if everyone but you benefits? I have been blessed, if every penny I put into kiva is not repaid so be it. If I can't write it off on my taxes so be it. That's not the point. There are lots of good things people can do for others without benefit coming to yourself. If you're trying to benefit from it then you're doing it wrong. I'm just happy if my loan gets repaid so I can re-lend it.Drazzil wrote:Everyone down the chain gets fed but. rhe lender. Total freaking scam in my book. I would understand if it were tax deductable, but its not! Thus the bah and the humbug.
YMMV. But also there have been economic studies done that show that the net gain to impoverished lendees is almost zero, so theres that. If you want to fund a poor person for zero repayment and probable default just make your checks out to Drazzil. Thats Drazzil with two z's.
* Note, please dont do this. I am doing very well, thank you very much.
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- em2nought
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Re: Kiva [Microlending to the less fortunate]
So as part of Kiva do you get any kind of an update on what was done with the money you've loaned? Such as a photograph of a freshly dug latrine for example, or maybe a photo of a bunch on new baby chicks depending on the loan you make?
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- Zaxxon
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- Zaxxon
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Re: Kiva [Microlending to the less fortunate]
2 loans away from 500 for our team. Who wants to be the hero?
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Re: Kiva [Microlending to the less fortunate]
I can't do it right now, but I'd like to join in a couple of months (if my new editing gig pans out). Right now I'm leaning more toward the end of needing a loan than making one.
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Re: Kiva [Microlending to the less fortunate]
this is a reminder to Kraken to join the OO team
also, Kiva and PayPal have a (soon to expire) promotion where if you make one $25 donation, make another $25 donation (straight out of PayPal's money bin) free. lasts for one more day, approximately:
http://lend.kiva.org/paypal/smallloansbigimpact/
also, Kiva and PayPal have a (soon to expire) promotion where if you make one $25 donation, make another $25 donation (straight out of PayPal's money bin) free. lasts for one more day, approximately:
http://lend.kiva.org/paypal/smallloansbigimpact/
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Re: Kiva [Microlending to the less fortunate]
Done! Thanks for the reminder.
- Zaxxon
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- em2nought
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Re: Kiva [Microlending to the less fortunate]
Interesting story
https://www.goodnewsnetwork.org/man-tra ... 30-camera/
video
https://www.youtube.com/watch?v=A_yEnZlZFnM
https://www.goodnewsnetwork.org/man-tra ... 30-camera/
video
https://www.youtube.com/watch?v=A_yEnZlZFnM
Stop funding for NPR
- Zaxxon
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Re: Kiva [Microlending to the less fortunate]
We're up to 553 loans, for a total of $16,200 funded. Can we hit 600 this year?Zaxxon wrote: ↑Fri Jan 18, 2019 10:43 am 2 loans away from 500 for our team. Who wants to be the hero?
Any new blood want to join us?
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Re: Kiva [Microlending to the less fortunate]
if you make a loan this week, PepsiCo will allocate its money to let you make a bonus loan (free to you).
i've made some 'bad' investments. the average Kiva donator (according to the site stats) loses $6.96 due to currency loss or default. i've lost $26.37. most of that was due to this guy right here:
what was interesting was there was an update three months after i was informed that the loan had defaulted and the money forfeit:
i've made some 'bad' investments. the average Kiva donator (according to the site stats) loses $6.96 due to currency loss or default. i've lost $26.37. most of that was due to this guy right here:
what was interesting was there was an update three months after i was informed that the loan had defaulted and the money forfeit:
"the loan changed his life since this opportunity allowed him to supply his business with much more merchandise so that he could have better profits" ... maybe he got the money but the 180 day repayment deadline was already enforced? not sure what happened there.Agradece el crédito Antonio ya que este fue destinado para invertir en la compra de artesanía y así mismo poder venderlas , ya que este es el medio que le genera los ingresos fundamentales para solventar las necesidades del hogar, labor que ha desempeñado desde mucho tiempo y esta ha sido la fuente primordial para su familia, el préstamo le cambio la vida ya que esta oportunidad le permitió abastecer su negocio con mucha mas mercadería para así mismo de esta manera poder tener mejores ganancias, su vida anteriormente a la oportunidad del crédito estaba un poco limitada, ya que no se encontraba con suficiente mercadería en su negocio y esta situación le limitaba sus ingresos anteriormente sus ingresos han sido mínimos, ya que no contaba con la suficiente mercadería para abastecer su negocio y que este le genere como resultado buenas ganancias, su vida anteriormente del crédito se encontraba un poco limitada y así mismo esta situación le resultaba incomodaba ya que las necesidades del hogar se presentan día a día, su mayor sueño a futuro son el poder tener una mejor calidad de vida.
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Re: Kiva [Microlending to the less fortunate]
*snickers*
I'm everyone's kiva project now.
I already post regular updates. Job interview tomorrow.
I'm everyone's kiva project now.
I already post regular updates. Job interview tomorrow.
Daehawk wrote:Thats Drazzil's chair damnit.
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- hitbyambulance
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Re: Kiva [Microlending to the less fortunate]
another default for me:
i expect this to happen more frequently now, but that makes $40.20 in total for me - am i the only one experiencing this?
it's the indifferent tone of the email that bothers me. "Hey, you lost the rest of your money! Well... that's how it goes! kthx bye!"Hi there!
We're writing to let you know that your Kiva loan to Wild Gum, facilitated by Pomona Impact, has ended in default, for the following reason:
El cliente tenía un plan de crecimiento definido, sin embargo cuando en EE.UU. se presentaron los cierres por la pandemia COVID-19, las ventas se vieron gravemente afectadas. La combinación de baja en las ventas con no tener la liquidez suficiente, obligó a la empresa a declararse en quiebra. .
With Kiva loans it's common to work to accommodate repayment when loans fall behind schedule, however sometimes, despite efforts to be flexible, loans do end in default. Kiva loans are defaulted at the point in time where it’s deemed that future repayment is unlikely, or when the loan is more than 180 days past due.
To date, $8.26 has been repaid to you, and the remainder of your loan can be considered a loss.
Thank you for your support of this loan, and other borrowers on Kiva.
Best wishes,
The Kiva Team
i expect this to happen more frequently now, but that makes $40.20 in total for me - am i the only one experiencing this?
- Zaxxon
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Re: Kiva [Microlending to the less fortunate]
My loans page says I've lost $118.96 out of $5,125, a 2.3% default rate by $.
As for that specific default of yours, COVID-19 closures causing a bankruptcy seems like a valid excuse. Sucks, but we're bound to see a lot of that now.
As for that specific default of yours, COVID-19 closures causing a bankruptcy seems like a valid excuse. Sucks, but we're bound to see a lot of that now.
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Re: Kiva [Microlending to the less fortunate]
I noticed an uptick in the defaults recently. Makes sense considering. In total I've made 67 loans. I've lost $77.13 with $1,800 total lent. My default rate is 3.92% and my currency loss is 1.02%.
I've paused lending right now as I'm not sure it makes sense in this environment. I have a feeling the default rate is going to continue to climb as out of 17 total loans outstanding I have 8 loans that are paying back delinquent. I might just cash out and call it a day. It's charity so I knew going in I'd lose something along the way helping people but I've tired a bit of the defaults. I still feel cheated somehow when I don't get paid back, even though it's really just a donation that you sometimes get back.
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Re: Kiva [Microlending to the less fortunate]
while i was pondering all this, i saw i had $75 sitting idle... so i reloaned all that out, and just dumped in another $50
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Re: Kiva [Microlending to the less fortunate]
another default - lost $16.74 on this one
The loan from Kiva to Organic Gum, LLC was defaulted due to end of operations and the ultimate dissolution of Organic Gum, LLC.
This happened in June, 2020 after several months of reduced operations. Two key conditions contributed to failure of Organic Gum, LLC.
1) Lack of retail opportunity – as the global pandemic began to shut down the economy in February/March of 2020, the uncertainty surrounding retailers led to very little support for new or emerging products from small and independent companies. The limited R&D and co-manufacturing business also evaporated. Even prior to that, there had been difficulty securing shelf space in any retailers beyond small niche stores.
2) Financial structure - no funding or revenue for Organic Gum, LLC was used for payroll; all participants were foregoing compensation so that cash could be used to fund operations. Over the past few years, this had led to several participants abandoning any operational responsibilities.
Given the lack of opportunity (and subsequent revenue) detailed in point #1, the single remaining operational participant was unable to continue. With no one left to run the company and bleak prospects, Organic Gum, LLC was dissolved.
- Zaxxon
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Re: Kiva [Microlending to the less fortunate]
Who wants to make our 700th loan?