MicroPlace Microlending: Free $20 to Invest
As you may know, I support microlending to poor entrepreneurs in developing countries through Kiva and Microplace. I have a little under four thousand dollars spread across both sites, and intend to continuously reinvest my principal and any earned interest to create a “foundation” where my money keep being lent out over and over. Kiva is non-profit, while Microplace is for-profit. I have lost some principal at Kiva, but none at Microplace yet. Here are my previous posts mentioning Microplace.
Yesterday after reinvesting some funds, the website provided me a link to share that appears to give any new investor a free $20 to invest. No strings attached. When the investment matures, you have the choice of either withdrawing the investment (plus interest) to your Paypal or bank acount, or reinvesting it again in another loan. Why not try it out?
Update: Apparently this link is open to any investor once, not just new investors. I just tried it for myself and it did not give me a choice in investments. The $20 will be invested in “Reduce extreme poverty in Haiti and help reverse its fortune – Sevis Finansye Fonkoze via Oikocredit GC Note”, earning 2.0% per year until April 30, 2014. You do have an alternative to simply donate the $20 instead and receive the tax deduction.
By Jonathan Ping | Deals & Offers, Giving Back | 3/7/11, 4:12pm
March 7th, 2011 at 5:29 pm
Free money, why not try it out.
March 7th, 2011 at 5:36 pm
It works. Though I will be waiting a long time for the free money. It will barley keep up with inflation.
my investment: $20.00
2.0% per year
paid in full: Apr 30, 2014
March 7th, 2011 at 5:56 pm
There are many investments to choose from, including one that is 100% liquid (take money out any time) and others that mature in 2011, if a short holding time is what you’re after.
Update: Apparently with this offer you don’t get a choice in investments. Your $20 will be invested in “Reduce extreme poverty in Haiti and help reverse its fortune – Sevis Finansye Fonkoze via Oikocredit GC Note”. You do have an alternative to simply donate the $20 as well, and receive the tax deduction.
March 7th, 2011 at 6:06 pm
Hey, thanks.
I signed in using my established username, so you don’t have to be a new investor.
March 7th, 2011 at 6:28 pm
$20 for rural communities in Haiti at 2.0% per year for three years…that’s better than the last two Certificates of Deposit I opened. Giddy-up.
March 8th, 2011 at 5:57 am
Hey, why not. Costs me nothing and helps out others! Thanks Jonathan!
March 8th, 2011 at 10:30 am
I’ve heard of Kiva but not Microplace. Thanks for passing along their information!
March 8th, 2011 at 2:26 pm
Does not appear to be available in every state, and a quick browse of the FAQ does not answer which are/are not.
I tried both Georgia (residency) and South Carolina (school) and neither work with the linked offer (allow you to donate and receive as a tax credit still tho)
March 8th, 2011 at 9:09 pm
AZ also did not work. Just donated instead. Thanks for the headsup. I’ve given these as gifts before, but the receivers were not as into it as me, so I never heard the result…
March 9th, 2011 at 2:51 pm
Gave it a shot, but no go in Washington. Donated instead, which is supposed to be a tax write off – we’ll see, easy write off if so!
April 4th, 2011 at 1:32 pm
MI worked. Thanks for the post!
May 15th, 2011 at 12:57 pm
It’s working for me, and they seem to let me make multiple donations.. giving me a charitable receipt each time. What’s to stop me from getting a lot of tax receipts from them (and having them donate a lot of money in my name?)