By lending as little as $25 on Kiva, anyone can help a borrower start or grow a business, go to school, access clean energy or realize their potential. Through this principle Kiva provides micro loans with no interest and no additional fees.
How does Kiva work?
– A borrower applies for a loan.
– The loan goes through the underwriting and approval process.
– The loan is posted to Kiva for lenders to support.
– Borrower repays the loan.
– Lenders use repayments to fund new loans, donate or withdraw the money.
Unlike traditional bank loans, Kiva loans don’t require a minimum credit score, years of cash flow documents or collateral. But you do need to meet the following minimum criteria in order to be considered:
- You and your business must be based in the United States.
- You must be over 18 years old.
- You must be using the loan for business purposes.
- Your business must not be engaged in any of the following activities: multi-level marketing / direct sales; illegal activities (e.g. gambling, scams); or pure financial investing (e.g. stocks)
- You cannot currently be in foreclosure, bankruptcy, or under any liens.
- You must be willing to demonstrate your social capital by having a small number of your friends and family make a loan to you.
To apply for a Kiva loan:
Fill out the online application at: https://pages.kiva.org/borrow/start
Tel: (828) 479-5482
875 Howard Street, Suite 340
San Francisco, CA 94103 USA