Kiva is a ground-breaking, rapidly-growing peer-to-peer lending platform. It works like this: Kiva publishes photos and tales of people who need financial assistance. Then you donate to Kiva. Kiva sends it to a microlender. The lender gives the money to the individual you specify.
They usually pay back the money to you. But will be returned to you with no interest. Therefore, it’s a microcredit version of eBay.
So how do I get a Kiva Loan?
Requirements for Kiva Loan
- You and your company must be based in the United States.
- To take part, you must be at least 18 years old.
- You can use the loans for commercial reasons. Personal loans are not permitted.
Your company must not be:
- A direct sales or multi-level marketing company
- A franchise company that sells other people’s Stocks.
- Any evidence that you’ve been involved in any criminal activities
- You can’t be in foreclosure, bankruptcy, or have any liens on your property right now.
Therefore, kiva will not fund a loan that fails to meet any criteria above.
What can you expect from Kiva as a borrower?
1. Loans with no interest
You can get a loan from Kiva that ranges from $1,000 to $10,000 and has no interest!
You can apply if you’re an entrepreneur with an idea, a startup, or a well-established company. However, the funds can be used for anything in the firm. It includes working capital, equipment, inventory, marketing, and project-based investments. Whatever will benefit your company.
2. Free Marketing
When you post a loan on the Kiva site, it becomes visible to our global network of lenders. In addition, new clients may get interested in your business and purchase from you or use your services due to the exposure!
There’s also a chance they’ll feature your company on their blog or social media, exposing your company to even more potential clients!
3. Flexible repayment schedules
The ability to repay a loan varies per company. You can choose what works best for you when you apply. Kiva repayments are made on a monthly basis for 6 to 3 years.
It gives you the option of paying off the loan faster or with a smaller monthly amount. Also, if you’re performing well and want to pay off your loan sooner, you’re allowed to do so!
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