Does anyone lend money to small entrepreneurs using lendwithcare?

[User253853]

I've spent some time looking at it this evening and I am quite tempted. It looks like a really good way of helping others for no cost (or at least limited risk). DH thinks its a scam..

Has anyone done it?

Thank you for introducing me to this amazing project. I’ve just made my first loan to a woman the same age as me. I hope it helps her

Yes, I have done this for many years.

Only had one £15 loan defaulted on when the Tanzanian currency went up the spout.

I would recommend it.

This. Really recommend.

Following this. Considered doing it in the past, thread of interest 👍

My friend has done this for years and always been trusted. I think I will now sign up.

Yes! Started investing with them a couple of years ago and have given people Lendwithcare gifts since.

it’s not a scam at all, what a weird way to think about it.

I’ve had £500 invested with them for over 10 years. In that time I’ve lost about £30 I think.
It’s fun choosing who to invest in each time. I let my children choose and it’s really good to be able to look at the different countries the people come from and to be able to talk about the concept and value of supporting people to help themselves rather than just giving money.
They usually choose people who are buying animals. If it’s my turn I always invest in women’s collectives.

I’ve been doing it for years and gifted it to DH and DDs who have also continued with it.

I’ve been doing this for years since I gave a voucher to my kids as a Xmas present when they were little. I think on person missed a payment once but I have about £25 that I need to reinvest. I usually give it to someone who still needs a small amount to get the full loan

I have yes. No defaults. I invested a little and just keep reinvesting as its paid back.

This reminds me of an episode of the Simpsons when Lisa gets into microfinancing 😁

Thanks for posting this thread OP. I hadn’t heard of Lendwithcare and I’m glad I have now. I signed up with @Queenage’s link (thank you) and have supported a couple of enterprises.

I don’t think it’s at all weird to question whether an unknown website asking for money is a scam. It’s perfectly sensible to ask questions.

Thanks for posting this OP. I’ve just made my first loan using the referral code posted above.

Thank you @Queenage for the link. I'd signed up for this in the past then had never done anything about it. Although I was therefore not eligible for the £15 bonus you prompted me into actually going ahead this time!

I've just logged back on, had £35 sat there. I've reinvested.

Yes I do, too. I’ve never had a default and just reinvest. I do one or two loans a month.

I’ve just started. Thanks for sharing this.

https://lendwithcare.org/referral/ZWOGND Another 15 code.

I did until I saw they were being a bit fast and loose with rounding, so always in their favour. It was a small thing but irked me.

I can't remember what it was exactly but it did mean you didn't get your entire loan back to reloan. Otherwise, it's a grand idea.

That's a shame. I shall see how it goes and how much of the initial loan I've made slowly drains away. There must inevitably be some costs involved with currency exchange I would have thought.

It wasn't much, it was just how they worded it. If you see it as a donation, it's probably ok but it annoyed me, as it felt a bit unfair on the lender. Better to have it costed and agreed.

I’ve been doing this for years. Always re-invest the loan repayments I receive.

i gave my DD £25 to invest a few years ago. She spent ages deciding who to loan to and regularly monitors their progress and who to invest in next time.m

I saw an ad for this the other day but promptly forgot the name - thanks for the thread OP, have signed up and made my first loan.

Hi - I like this idea so thanks for sharing. I’d see it as a charitably donation so if I lose out, that’s that.
Is there a UK focused equivalent?

Yes did one small loan around 12 months ago and another last month. No problems so far.

For those that default, do you find out why? I was looking at the defaulted loans on the website but there was no information. I noticed that some of the women's collectives were showing that every single woman had defaulted, so 8 - 12 women, which made me think that something had actually happened, as opposed to not just not paying. So many women supporting children on their own too, or wanting loans just to buy seed for crops.
I'll definitely be coming back to this.
Thank you for the links @Carolwithane @Queenage