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Getbig Female Info Boards => Open Talk for Girl Discussion => Topic started by: 24KT on June 10, 2009, 10:47:43 AM
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Maria Shriver and The Women's Conference, continuing their efforts to promote the economic empowerment of women, are partnering with Kiva to bring microlending to the U.S.
Please Join Maria's Team - http://www.kiva.org/team/maria
STARTING TODAY! WEDNESDAY, JUNE 10th
For the first time ever and for as little as $25, Americans can lend to women entrepreneurs right in their own backyard. WE Invest, a program of The Women's Conference, already has been investing in women entrepreneurs in California, linking them to business training, mentoring and a support network to give them the tools to start or expand their own businesses. Now WE Invest is partnering with Kiva, the world's first person-to-person microlending website, created to empower individuals to lend directly to unique entrepreneurs around the globe. This new venture will allow us to empower thousands of women across America to become more financially independent, showing that every loan - even $25 - can make a real difference and change a life. JOIN US in empowering women - one woman at a time!
Check out: www.womensconference.org (http://www.womensconference.org)
and
Please join Maria's Team (http://www.kiva.org/team/maria)
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P2P lending is a scam.
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P2P lending is a scam.
This one I trust. I don't think Maria Shriver would lend her name to this or form a lending team without first a thorough background check. Lord knows they have the resources to thoroughly vet any organization they involve themselves with.
Since opening the opportunity to Americans, I've noticed the loan amounts required have jumped significantly than those requested from overseas. I assume there might also be greater defaults as well, however, they've been very successful overseas.
The way I look at it, ...if I go to Vegas, I'm setting aside a certain amount to gamble with. If I lose it, ...I lose it.
I'll just take the same attitude here. I'll set aside a certain amount with which to fund micro loans. As they re-pay the funds, ...I simply turn around and re-loan it out to someone else, ...and I'll continue to do that up til there is a default. If I'm going to lose money, ...I'd rather do it empowering others and making a difference in their lives. Me blowing it at the blackjack table isn't going to make a hill of beans in Steve Wynn's life.... like he needs another pair of shoes. :)
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This one I trust. I don't think Maria Shriver would lend her name to this or form a lending team without first a thorough background check. Lord knows they have the resources to thoroughly vet any organization they involve themselves with.
Since opening the opportunity to Americans, I've noticed the loan amounts required have jumped significantly than those requested from overseas. I assume there might also be greater defaults as well, however, they've been very successful overseas.
The way I look at it, ...if I go to Vegas, I'm setting aside a certain amount to gamble with.
If I lose it, ...I lose it. I'll just take the same attitude here. I'll set aside a certain amount with which to fund micro loans. As they re-pay the funds, ...I simply turn around and re-loan it out to someone else, ...and I'll continue to do that up til there is a default. If I'm going to lose money, ...I'd rather do it empowering others and making a difference in their lives. Me blowing it at the blackjack table isn't going to make a hill of beans in Steve Wynn's life.... like he needs another pair of shoes. :)
There are number of ways people can temporarily improve their credit scores and meet micro loan guidelines. You have to count on at least 25% default rate if not higher. Prosper.com http://www.amazon.com/gp/product/0980082803?ie=UTF8&tag=getbigcom-20&link_code=as3&camp=211189&creative=373489&creativeASIN=0980082803 went belly up before the book finished getting published.
Also, if Maria and hubby knew a lot about financials and stuff California wouldn't be broke. :)
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Judi, drkaje, may I have $25 from each of you please. :D
And from everyone else on GetBig!!! ;D
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Judi, drkaje, may I have $25 from each of you please. :D
And from everyone else on GetBig!!! ;D
Nah :D
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:'(
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So far today:
866 loans have been made on Kiva.org to US entrepreneurs and $29,700 has been lent to support US businesses!
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There are number of ways people can temporarily improve their credit scores and meet micro loan guidelines. You have to count on at least 25% default rate if not higher. Prosper.com http://www.amazon.com/gp/product/0980082803?ie=UTF8&tag=getbigcom-20&link_code=as3&camp=211189&creative=373489&creativeASIN=0980082803 went belly up before the book finished getting published.
Also, if Maria and hubby knew a lot about financials and stuff California wouldn't be broke. :)
Jake,
I hate to say this, ...but you're a real cynical SOB sometimes. ;)
(the little winky face is to soften the blow, ...but I mean every word of it)
Seriously... because Prosper.com went belly up, that means this will too?
By your reasoning... McDonald's should be filing for Chapter 11 right about now, ...'cause XYZ fast food failed. ::)
Are we to take it that you will soon be cruising men's bathrooms too, ...like George Michael & Senator Craig? :P
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Jake,
I hate to say this, ...but you're a real cynical & ignorant SOB sometimes. ;)
(the little winky face is to soften the blow, ...but I mean every word of it)
Seriously... because Prosper.com went belly up, that means this will too?
By your reasoning... McDonald's should be filing for Chapter 11 right about now, ...'cause XYZ fast food failed. ::)
Are we to take it that you will soon be cruising men's bathrooms too, ...like George Michael & Senator Craig? :P
Perhaps you fail to understand the fatal flaw of P2P lending. Yes, some people do make money but the default rate tends to make it about as profitable as a really good investment but with more risk. In a year when you're on Maria's message board and people are complaining about defaults and if the scheme was properly bonded..... remember today, LOL! Some people are still getting repaid on Prosper.com, do a little investigating and see how they feel.
You're pretending to be naive by essentially arguing that Prosper's failure was a management issue or that people who have stiffed everyone else and have crap credit won't repeat past mistakes with new lenders. There's nothing wrong with taking advantage of economically distressed people, P2P lending is just a very risky way of doing it. :)
People can pretty up their credit reports through disputes, becoming authorized users on better accounts, changing addresses, split files, pay for deletes, get goodwill, bitch on planet feedback, shift debt to spouses, apply for hidden tradelines, balance transfers, IIBs in bankruptcys, etc... Most of these things wouldn't even show up on a decent manual review.
Don't let greed blind you. :)
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women have it too easy
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You are seriously too jaded to have a decent conversation with.
You need to go read through the info :(
Perhaps you fail to understand the fatal flaw of P2P lending. Yes, some people do make money but the default rate tends to make it about as profitable as a really good investment but with more risk. In a year when you're on Maria's message board and people are complaining about defaults and if the scheme was properly bonded..... remember today, LOL! Some people are still getting repaid on Prosper.com, do a little investigating and see how they feel.
Who is talking about making money? I'm talking about my choosing to lend it... INTEREST FREE!
I am very well aware of the risks, ...I'm not an idiot. Anytime you lend money there's the risk of it not being repaid.
I recognize that. I'm also not about to lend any more than I'm either willing to, or can afford to lose.
You're pretending to be naive by essentially arguing that Prosper's failure was a management issue or that people who have stiffed everyone else and have crap credit won't repeat past mistakes with new lenders. There's nothing wrong with taking advantage of economically distressed people, P2P lending is just a very risky way of doing it. :)
You're the only one pretending here, ...and you're pretending to have a clue. I've never cast any aspersions on prosper.com's mgmt team, or presented any theories about the company. All I've said is just because they went out of business, is not a sufficient reason for me to steer away from Kiva. I know nothing about prosper.com, nor do I care to. They have nothing to do with me, and I have nothing to do with them. Furthermore, I'm not looking to take advantage of economically distressed people, ...I'm looking to help them. Providing someone with an interest free loan is hardly my definition of taking advantage of people. You are seriously warped. >:(
People can pretty up their credit reports through disputes, becoming authorized users on better accounts, changing addresses, split files, pay for deletes, get goodwill, bitch on planet feedback, shift debt to spouses, apply for hidden tradelines, balance transfers, IIBs in bankruptcys, etc... Most of these things wouldn't even show up on a decent manual review.
Don't let greed blind you. :)
I'm well aware of the various tactics people can, will, and do use to hide negative credit history. I don't care.
I'd be pretty surprised to find an entrepreneur who hadn't at some point experienced a cash flow situation.
"Don't let greed blind me?" You're seriously bent!!! The only thing I stand to gain from providing an interest free loan to someone, is the joy of knowing I've somehow helped to make a person's life a little better, or somehow managed to make a difference in someone's life. Don't let greed blind me? ::) I'm the one who is bearing all the risks.
Sheesh, I'd hate to meet the person who did a number on you. They must have been some piece of work! :-\
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women have it too easy
BEING A PROCTOLOGIST IS NOT AN EASY THING!!! >:(
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You are seriously too messed up and jaded to have a decent conversation with.
You need to go read through the info or STFU. Seriously. Your ignorance is boring me beyond belief. :(
Who is talking about making money? I'm talking about my choosing to lend it... INTEREST FREE!
I am very well aware of the risks, ...I'm not an idiot. Anytime you lend money there's the risk of it not being repaid.
I recognize that. I'm also not about to lend any more than I'm either willing to, or can afford to lose.
You're the only one pretending here, ...and you're pretending to have a clue. I've never cast any aspersions on prosper.com's mgmt team, or presented any theories about the company. All I've said is just because they went out of business, is not a sufficient reason for me to steer away from Kiva. I know nothing about prosper.com, nor do I care to. They have nothing to do with me, and I have nothing to do with them. Furthermore, I'm not looking to take advantage of economically distressed people, ...I'm looking to help them. Providing someone with an interest free loan is hardly my definition of taking advantage of people. You are seriously warped. >:(
I'm well aware of the various tactics people can, will, and do use to hide negative credit history. I don't care.
I'd be pretty surprised to find an entrepreneur who hadn't at some point experienced a cash flow situation.
"Don't let greed blind me?" You're seriously bent!!! The only thing I stand to gain from providing an interest free loan to someone, is the joy of knowing I've somehow helped to make a person's life a little better, or somehow managed to make a difference in someone's life. Don't let greed blind me? ::) I'm the one who is bearing all the risks.
Sheesh, I'd hate to meet the person who did a number on you. They must have been some piece of work! :-\
Ego is worse than greed, Judi. :)
Wanna do some real good? Volunteer one day/month at a homeless shelter, read to children, mentor wayward girls, etc... It's people, not money, that ultimately makes change happen. :P
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Ego is worse than greed, Judi. :)
Wanna do some real good? Volunteer one day/month at a homeless shelter, read to children, mentor wayward girls, etc... It's people, not money, that ultimately makes change happen. :P
What makes you think I don't do all of those things and more?
:)
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What makes you think I don't do all of those things and more?
:)
Do you kiss children with that filthy mouth? ;D
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Do you kiss children with that filthy mouth? ;D
No, I kiss children with my sweet, gentle, sugary lips.
I reserve my filthy mouth for spitting ;)
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No, I kiss children with my sweet, gentle, sugary lips.
I reserve my filthy mouth for spitting on pricks like you. ;)
Potty mouth!! :P
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Here are a few Kiva Fast Facts... just for you Jakey :-*
Kiva Fast Facts
49 months old
$100,667,535 in micro loans raised
98% repayment rate
246,720 entrepreneurs funded
586,995 Kiva users
172 countries represented
So you can stick that in your cynical pipe and smoke it! :P
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Here are a few Kiva Fast Facts... just for you Jakey :-*
Kiva Fast Facts
49 months old
$100,667,535 in micro loans raised
98% repayment rate
246,720 entrepreneurs funded
586,995 Kiva users
172 countries represented
So you can stick that in your cynical pipe and smoke it! :P
"There are three kinds of lies: lies, damned lies, and statistics." :)
I'm gonna work under the assumption that Canadian math and english are very similar to other places. It says $100,667,535 "raised", not funded. Even if it were all loaned out that only comes to about $408 per entrepreneur. Finding 586,995 suckers to donate an average of $171 is admirable but there's no way the repayment rate on active loans is 98%. Even if it were... loaning someone basically a car payment isn't really funding entrepreneurship in women. True, it's a great way for people to get all warm and fuzzy because they feel like they're "doing something to empower women" or "I'm making a difference" but it's silly to be that lame.
Additionally, "repayment rate" is very careful language. Is that active loans, meaning someone is making on time, monthly repayments. It could just as easily include loans that are technically active but within a grace period. :)
Time will tell but here's my guess: they're collecting interest on interest-free loans funded by saps. Some other entity is funding the loans at a lower interest rate than Kiva is getting in a bank. Since the loans are essentially secured the lender no one has any risk except the people who would still feel good about having given $100 anyways.
Odd how their administrative costs weren't mentioned. Maybe they're all volunteers. :)
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This thread is going to either need a little editing or be left as is and moved to General.
Vote!
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This thread is going to either need a little editing or be left as is and moved to General.
Vote!
Judi really doesn't mean any offense with the swearing, Stella.
She's just inarticulate at times. :P
If I have a vote.. it would be to remove her profanity and leave the thread here. If it goes to General or Politics we'd have too many people who just enjoy bashing her and zero discussion on the scam people call P2P lending.
There's really no place for profanity here, we're all grownups and educated enough to get our points across without swearing at each other.
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:P
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This thread is going to either need a little editing or be left as is and moved to General.
Vote!
Editing 5 months later?! Glad to see you're on top of things Stella. lol ::)
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Judi really doesn't mean any offense with the swearing, Stella.
She's just inarticulate at times. :P
If I have a vote.. it would be to remove her profanity and leave the thread here. If it goes to General or Politics we'd have too many people who just enjoy bashing her and zero discussion on the scam people call P2P lending.
There's really no place for profanity here, we're all grownups and educated enough to get our points across without swearing at each other.
ROTFLMAO... you have got to be one of the most exasperating passive aggressive SOBs I've ever met.
you just loooooove pushing buttons don't ya?! That's ok. I still loves ya... just wanna wring your neck sometimes.
btw - did you catch that stat earlier... 98% repayment rate!
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Editing 5 months later?! Glad to see you're on top of things Stella. lol ::)
:o :o :o
You rolled your eyes at STella
She is gonna get you ;D
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ROTFLMAO... you have got to be one of the most exasperating passive aggressive SOBs I've ever met.
you just loooooove pushing buttons don't ya?! That's ok. I still loves ya... just wanna wring your neck sometimes.
btw - did you catch that stat earlier... 98% repayment rate!
100% BS rate!
In case anyone else is reading this thread, something should be made perfectly clear:
"Repayment rate" is misleading term and can be calculated in many ways. It does not tell what percentage of loans are current just the historical rate of loan recovery. It is a very, very.... very sketchy way discuss risk.
Payments received respective to payments due over a period of time is pretty useless information because there's no standard time frame. The figure could literally be based upon one day!!
Repayment rate can also be artificially inflated by including pre-payments. This means they can be more than 100% depending upon how the math is done.
I'd like to believe Judi knows what the term repayment rate means. Otherwise she just cut and pasted some more nonsense without any real understanding... which would be lame. :)
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it worked in india....
wont work here...
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it worked in india....
wont work here...
Look on the FAQ page of their site. It's doubtful the interest rates they're charging will work in third world countries.
On a similar note....... Wealthy Indians now consider their country second world. Must have something to do with having the internet, LOL!
Some companies, like http://www.heifer.org/site/c.edJRKQNiFiG/b.204586/?msource=kw1907&gclid=COPAnvDs-50CFaM45Qodpk93pg (http://www.heifer.org/site/c.edJRKQNiFiG/b.204586/?msource=kw1907&gclid=COPAnvDs-50CFaM45Qodpk93pg) do a thing where you can donate animals. After some research it seems very appropriate for someone like me.
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Look on the FAQ page of their site. It's doubtful the interest rates they're charging will work in third world countries.
i didn't look at the page but i saw ...i think a discovery or bbc documentary on it where it ws supposed to be interest free...so now if they r charging interest..i wont work...
about indians thinking that their country is 2nd world...i will give them this...there r a few universities in india (like the indian instutute of tech) that hold par if not better than MIT....and i mean it...
i've known a few physics and engineering majors from there (my study partner is one of em) that basically breezed thru the univ of maryland honours program like it ws nothing....they r producing some smart people
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i didn't look at the page but i saw ...i think a discovery or bbc documentary on it where it ws supposed to be interest free...so now if they r charging interest..i wont work...
about indians thinking that their country is 2nd world...i will give them this...there r a few universities in india (like the indian instutute of tech) that hold par if not better than MIT....and i mean it...
i've known a few physics and engineering majors from there (my study partner is one of em) that basically breezed thru the univ of maryland honours program like it ws nothing....they r producing some smart people
People giving/donating money for loans aren't asking for interest. :)
From Kiva's site: "6. Why are microcredit interest rates so high?
The nature of microcredit – small loans – is such that interest rates need to be high to return the cost of the loan.
"There are three kinds of costs the MFI has to cover when it makes microloans. The first two, the cost of the money that it lends and the cost of loan defaults, are proportional to the amount lent. For instance, if the cost paid by the MFI for the money it lends is 10%, and it experiences defaults of 1% of the amount lent, then these two costs will total $11 for a loan of $100, and $55 for a loan of $500. An interest rate of 11% of the loan amount thus covers both these costs for either loan.
The third type of cost, transaction costs, is not proportional to the amount lent. The transaction cost of the $500 loan is not much different from the transaction cost of the $100 loan. Both loans require roughly the same amount of staff time for meeting with the borrower to appraise the loan, processing the loan disbursement and repayments, and follow-up monitoring. Suppose that the transaction cost is $25 per loan and that the loans are for one year. To break even on the $500 loan, the MFI would need to collect interest of $50 + 5 + $25 = $80, which represents an annual interest rate of 16%. To break even on the $100 loan, the MFI would need to collect interest of $10 + 1 + $25 = $36, which is an interest rate of 36%. At first glance, a rate this high looks abusive to many people, especially when the clients are poor. But in fact, this interest rate simply reflects the basic reality that when loan sizes get very small, transaction costs loom larger because these costs can't be cut below certain minimums."
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well then it wont work....
besides..the whole "empowering women" wording ..somehow just crosses over to the "feminist" side of things
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it worked in india....
wont work here...
Repayment in the 2nd and 3rd world appears to be stronger than North America.
Loan amounts are smaller too.
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well then it wont work....
besides..the whole "empowering women" wording ..somehow just crosses over to the "feminist" side of things
I think that had more to do with Maria's women's conference in S. Cali more than anything else. ;)