The choice of investment option varies from one investor to another. Some investors prefer investing huge amounts of money to get higher ROI, while other people prefer investing in small ticket loans to get consistent returns. Also, micro loans have become popular as a type of social investment to get several benefits.
In addition to getting passive income by granting a small to medium sized loan, you can also extend micro loans to the small entrepreneurs through organization offering microfinance in India and other developing countries. As some recent reports highlighted, mobile micro loans are becoming more and more popular among young investors. So you can consider using some of the apps that makes it easier for you to grant micro loans and track repayments directly on your iPhone.
- KivaBridge MicroLending: The free app launched by MayneBridge allows you to explore micro lending opportunity through the global Kiva community. Along with gathering information about the microcredit needs of the small entrepreneurs residing in different countries and region, you can also use the app to share the micro lending opportunities through popular social networking platforms like Twitter, Facebook, Tumblr and LinkedIn. At the same time, you also have option to choose a borrower by understanding his identity, location, occupation, business plan, and loan repayment plan.
- Philanthropist.org Micro Loan Calculator: The paid micro loan calculator app developed by Justin Hawkwood aims to bring charitable donors and workateers together. The term “workateer” is defined as an individual who is not exactly a volunteer, employee or salaried worker. The individual is something in the middle, and also possesses huge amount of experience and expertise in a specific professional field. Also, a workateer is always passionate about bringing constant social changes by assisting somebody in need. If the concept appeals you, the app will help you in distinguishing between a normal micro loan and a micro loan granted through Philanthropist.org.
- Microlending: If you are a dedicated Seeds user, the free app launched by LEONARD NG’ENO will make it easier and convenient for you to manage your transactions through Seeds. With the app, you can browse through the various types of business supported by Seeds. Also, you can invest small amounts in the business of your choice. Based on the amount of funds you have managed to crowd source, the app further enables you to move from one user group to another.
- Paypal: The free app launched by PayPal, an eBay Company allows users to transfer and receive money on the go. Once you choose a borrower, you have to fund your lending account to grant him the micro loan. Most of the microfinance organizations and online peer-to-peer lending platforms receive payment through lenders’ Paypal account. So you can use the app to grant a micro loan from, and receive loan repayments into your Paypal account directly using your iPhone.
- iLoan Lite – Personal Loans: You can use the free app launched by Josh Pressnell to keep track of the partial payments received on both personal loan and micro loan. Along with a convenient amortization calculator, the app also allows you to keep track of multiple bank and personal loans. Based on the origination balance, interest rate, and origination date entered by you, the app will show you current status of individual loans along with the current balance and payment history. With the app, you can keep accurate record of payment received on your micro loan while keeping track of the loan balance.
Along with these apps, you can also consider using the self-titled app launched by the Centre for Microfinance Podcast to gather information and updates about various microfinance organizations and the developmental projects run by them.