Anyone Using Microplace?
By merylinkid
@merylinkid (69)
United States
September 15, 2012 7:40pm CST
Microplace is a microfinance company like Kiva, except you get interest. For $20 you make investments in projects helping others escape poverty. You earn interest on your investment, plus get paid back.
You get the benefit of extra income while helping others.
4 responses
@merylinkid (69)
• United States
16 Sep 12
Microplace has been around for years. It is a legitimate company owned by EBay. It is not an online earning company but a regular investment site like Scwab, ETrade, etc.
@Belle_of_the_Ball (896)
• Philippines
16 Sep 12
sounds interesting.I guess, from what you've written, you need to put some money to it before you can earn, am I right?
@merylinkid (69)
• United States
16 Sep 12
Yes it is a loan company. You make loans to organizations that work with individuals trying to get out poverty through starting a business, developing better farming techniques, etc. Then the individuals pay the loan back and you get your money plus interest.
These are micro loans to folks who can't work with traditional banks for various reasons. So, in essence, you become the bank.
@kryptkillor (6)
•
16 Sep 12
Hmm, I just research a little about this company and its interesting. I have been with Etrade for over a year now and kinda stop investing for now. But I might try this company out. Since it also adds on helping people, would be ok.
@merylinkid (69)
• United States
17 Sep 12
It's not an online earning company like Mylot. It is a traditional investment company. You are the bank instead of these folks getting loans from Bank of America or Citibank.
@echomonster (2226)
• Greenwood, Mississippi
16 Sep 12
Yep, I've been investing with Microplace for a couple of years now. They've never missed an interest payment to me. I've noticed that the rates on the site have generally been going down (just like interest rates for everything else), but luckily we've still got FINCA offering a 3.5% investment. I'm a big believer in microfinance as a way to reduce poverty and help the world too...that's actually hurt my earnings somewhat as I don't choose my investments based on interest rates alone! One other thing we should say about Microplace is that it's US only for the moment due to securities laws.
@merylinkid (69)
• United States
16 Sep 12
I know. I mean to only do the highest rates, but then I wind up seeing a really worthy project for a lower rate. Guess which one gets my money?
@yugasini (12893)
• Secunderabad, India
16 Sep 12
Hi Merylinkid,
Once we are investing in online sites, just thinking that our money will not return back to us. Though it is some helping project for the poor, even though there is no guarantee that they spend some extra income from interest to be utilized for helping others or not. It is better to donate that much amount for any charity,have a nice day.
