I've been a contributor since the beginning of Wokai and have personally witnessed the benefits these microloans have done for the poor who work hard to lift themselves out of poverty. I'm generally do not donate money because I believe everyone should work hard to make his/her living. But, I have found that the way Wokai and microfinance work (when it's properly done and regulated) is that they provide people who already work hard to make a living a little boost. I love it.
I donate to wokai. As of today 12 oct 2010 Wokai has 6623 contributors, 454 loans from 47 countries & $353,680 invested. Microfinance works because a bank would prefer to lend $1 million to one person than $1 to a million people because of more administrative costs to the bank. Microfinance doesn't care since its a charity, hence the small amounts still get lent.
@tung2sai Its a complex issue. Like any idea it can be misused. Take for example India's problem with microfinance. Generally a good microfinance NGO should loan 2 people for the purpose of running a business, & charge only enough interest to allow it to run. Visit wokai.org and see for yourself when they update on the people you lend to.
@mrfriendlyguy I guess my only issue is how well this particular organization is doing. I understand there's risk in doing this type of work. I'm checking the website right now...
I like how, in theory, I could be helping several people with the small amount I donate, assuming everything goes smooth. It's quite a dignifying charity, but I see your point in how complex this can be.
i dated a guy named casey wilson xD
liveoutloudkristen 7 months ago
I've been a contributor since the beginning of Wokai and have personally witnessed the benefits these microloans have done for the poor who work hard to lift themselves out of poverty. I'm generally do not donate money because I believe everyone should work hard to make his/her living. But, I have found that the way Wokai and microfinance work (when it's properly done and regulated) is that they provide people who already work hard to make a living a little boost. I love it.
davidiliu 9 months ago
I donate to wokai. As of today 12 oct 2010 Wokai has 6623 contributors, 454 loans from 47 countries & $353,680 invested. Microfinance works because a bank would prefer to lend $1 million to one person than $1 to a million people because of more administrative costs to the bank. Microfinance doesn't care since its a charity, hence the small amounts still get lent.
mrfriendlyguy 1 year ago
@mrfriendlyguy Is it worth it?
I'm not familiar with microfinance but it sounds pretty straightforward.
tung2sai 1 year ago
@tung2sai Its a complex issue. Like any idea it can be misused. Take for example India's problem with microfinance. Generally a good microfinance NGO should loan 2 people for the purpose of running a business, & charge only enough interest to allow it to run. Visit wokai.org and see for yourself when they update on the people you lend to.
mrfriendlyguy 1 year ago
@mrfriendlyguy I guess my only issue is how well this particular organization is doing. I understand there's risk in doing this type of work. I'm checking the website right now...
I like how, in theory, I could be helping several people with the small amount I donate, assuming everything goes smooth. It's quite a dignifying charity, but I see your point in how complex this can be.
tung2sai 1 year ago