Acceder.com is a non-profit internet-based microfinance charity with the mission, “to accomplish (their) dream of equal opportunity” by providing interest-free loans in Jewish communities. It is run by the New York based ACCEDER Foundation. Loans currently only benefit borrowers in Argentina. Users can scroll through a list of potential borrower’s profiles and decide whom they would like support with a minimum contribution of USD 25. The money is then funneled through Acceder.com to Acceder loan officers in Argentina who are in charge of screening clients, distributing loans and collecting repayments. Although the website does not provide information on standard loan sizes, posted loan sizes range from USD 1700 to USD 2700. The loans finance purposes such as small businesses, trips to Israel, housing improvement, and debt consolidation.
Acceder.com states that online microfinance brokerage Kiva, inspired it to begin a “peer-to-peer” lending service. Neither of the two are actually peer-to-peer lending platforms, because the models do not facilitate direct loans from the user to the borrower. Instead, the money is channeled into a pool that an intermediary uses to fund loans. The profiles posted are individuals who will receive a loan from the intermediary.
In addition, there are a few fundamental differences between the Kiva model and the Acceder.com model. First, whereas Kiva facilitates actual loans to microfinance institutions (MFIs), the funds that Acceder.com facilitates are actually donations. As such, they are tax deductible. Once the principle is repaid, the user may re-loan their “virtual funds”, but they may not withdraw their money.
