General Question

Melonking's avatar

Is there an online micro loan site like kiva for the rest of us?

Asked by Melonking (1221points) June 17th, 2010

I was looking at this website called kiva for giving online micro loans to people in developing countries, now thats grate and all, but I have a few little odd projects that could use a few hundred euro booster to get them going, and I happen not to live in a developing country.

So I googled it and found nothing. Is there such as site that is user lending to user for loans of about 50 to maybe 500 euro(or dollar) (you know where one user might lend a fiver and it all adds us to the full loan) that is international and doesn’t involve odd people collecting your paycheck and lurking at your front door?

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8 Answers

sferik's avatar

Prosper offers peer-to-peer lending.

Melonking's avatar

:D I knew such a thing must exist, I take a look at it.

Melonking's avatar

Nah its no use that one, min is 1000, I only want like 200… for a quick boost.

sferik's avatar

@Melonking: Could you accept a loan of $1000 and then immediately pay back the portion you don’t need?

In the States, most people use credit cards for purchases between $50 and $500. Could you apply for a credit card? Or borrow the money from a friend or family member?

Melonking's avatar

Immediate payback is an idea worth thinking about. Don’t want credit card, don’t like bothering family.

EDIT: Drat again, “loan payments are fixed”

sferik's avatar

@Melonking Why don’t you want a credit card? They are very convenient for situations like this plus you can earn 1% cash back on all your purchases.

How quickly do you need the money? If you only need $50 to $200, you could probably earn that in weekend doing odd jobs (washing cars, mowing lawns, etc.). If you already have a job, perhaps you could ask to work more hours?

sferik's avatar

There’s another site similar to Prosper, based in the UK (where I believe you are, according to your profile): Zopa.

Another US-based peer-to-peer lending site is LendingClub.

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