Last Monday, I received an email from Kiva announcing a major (positive) change to their program. Instead of having to wait the whole 18-month loan term to get your loan money back, you can withdraw it or relend it as the loan is repaid. Here's the text of the email:
"We are happy to announce that Kiva will now return repayments to lenders as soon as those repayments are received by Kiva. Because of
this change, you'll be able to re-lend funds right away instead of waiting until the end of the loan term. We hope you enjoy this new feature!
As a result of this change, $39.09 in Kiva Credit has been released to you and is now available for you to use. You can re-lend these funds, donate or withdraw them."
If you choose to withdraw the funds, you can get them via PayPal. I withdrew my funds and had them within a few days, but the website says it can take up to a couple weeks!
I think this is a great change. It means more loans can be made, and it also means that more people may be encouraged to lend money since they won't have to wait to long to get it back.
Photo by Swami Stream
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