Microlending - A New Way to Give Back to the Economy

Last month, I highlighted the popular lending website, Kiva.org. This week, I would like to embrace a few smaller yet similar websites - Wonga.com and Vittana.org. These websites pride themselves around the idea of helping those that don’t have the immediate resources to fulfill their goals. This newly popular microlending process is a great way to expedite the economic stimulus and allow for relationships to be built along the way.

The layout of Vittana Foundation is almost identical to Kiva’s. However, Vittana possesses one small protean that makes it a little more specialized. On their site, all of the loans are intended for students. Therefore, in essence, everyone is able to help put an aspiring student through college. The best part is – you can lend as low as $25. Why not help out the education system at that price, especially if you know you will be paid back in due time.

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Wonga.com, headquartered in London, seems extremely easy to use. The idea is simple – if you want a small term loan today, you specify the dollar (pound) amount and the length of time you will need to pay it back. If approved, within 24 hours, you will have the amount in your bank account and will be expected to pay a certain monthly fee throughout the near future.

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It is important to recognize that there are plenty of websites that offer a microlending platform like the ones highlighted within this post. It is up to each of you to find the one(s) you trust the most and move forward accordingly. No matter which one you find, I encourage all of you to partake in these great processes. You have no idea how much you are impacting others when you do.

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