eBay launches microlending website

[Khristy1]

SAN FRANCISCO (AFP) - Online auction giant eBay has launched a microlending website that lets people invest in entrepreneurs in poor communities around the world and get a return on their money.

Unlike micro-finance organizations that make interest-free loans to people in developing countries, Microplace.com offers investors profits for funding folks trying to build better lives, said founder Tracey Turner.

"You are actually investing in the world's working poor," Turner told AFP. "And for the first time you get a return on investment. You can take the profit and invest in more people in a virtuous cycle."http://news.yahoo.com/s/afp/20071226/ts_alt_afp/lifestyleinternetfinancepovertycompanyebay;_ylt=Al CJbbjsQQ98MJ1k_m0zMo5H2ocA

I'm not sure why, but this has scam or money laundrying written all over it, in my opinion. The program is going to appeal to our sense of compassion and wanting to help other people, but for some reason, it just isn't sitting well with me. :idunno

[Sozo]

uhh.....I was considering investing, but they are paying 3% or less on your investment.

I'm getting more than that just letting my money sit in a savings account.

[macpreacher]

This is not about a big return on your money. If you want a bigger return than this is probably not interesting to anyone. This is more like teaching someone to fish instead of giving them a fish.
My wife and I would love to help people who are in worse situations than we are and willing to be inovative enough to start a small buisness.
I too would be cooncerned with how well protected you would be with financial info but a thorough check into the company's security and background would be helpful.
Who knows maybe this could let someone see Christ in you life and give you an opportuinity to share His redeeming grace with them.

[JSZ]

http://news.yahoo.com/s/afp/20071226/ts_alt_afp/lifestyleinternetfinancepovertycompanyebay;_ylt=Al CJbbjsQQ98MJ1k_m0zMo5H2ocA

I'm not sure why, but this has scam or money laundrying written all over it, in my opinion. The program is going to appeal to our sense of compassion and wanting to help other people, but for some reason, it just isn't sitting well with me. :idunnoNo, you are wrong. PBS broadcast a program about this very thing this past Sunday. It's legit. Third world businesses, usually home businesses that would never qualify for loans, are helped greatly. So far there have been no defaults on repayment.

[frodo82801]

One of the Nobel prizes was for the chap who came up with the idea of micro loans.

You have a choice. Give the money to the govt, where corruption and inefficiencies waste most of it and silly politicians make bad decisions with the rest. Or, put the money in the hands of small business people who have a vested interest in making good decisions and very little of it is wasted. The concept is a HUGE breakthrough.

I've done some work for a non-profit making these types of loans. It's brilliant. By-pass the middle men. Get the money where it will do some goods.

Oh yes, the bonus. Jobs are created in the areas where they are needed.