Microloan is a financial innovation in the web. This is a new platform to
connect lenders and micro-entrepreneurs. The extension of very small loans
(microloans) to those who are in need encourages entrepreneurship.
The people with no
collateral, lack of employment and not able to meet the minimal qualifications
to get traditional loan from the banks, but they are interested to start small
business or want to develop the existing business can apply for microloan.
Kiva is one of the popular microloan
providers. Actually, Kiva helps people to get their loan amount by raising
funds from interested people (lenders). Kiva is creating a global community of
people connected through lending.
Kiva's
worldwide Field partners are processing the loan application through the local
source. The applicants have to go through an interview process to get approved.
Kiva’s Field partners do this.
After this, Kiva will start
raising fund by providing the applicant's profile in their website. In
addition, Kiva sends money to requester after raising the full amount.
Requesters have to make their repayment as per schedule.
Other sites:
unitus,
microplace