Summary
Vittana was a non-governmental organization that allowed people to lend money via the Internet to students in the developing world.[1] It was a 501(c)(3) non-profit organization headquartered in Seattle.[2] Vittana focused on student loans because student loans are nearly unavailable in developing countries.[3]
 | |
| Founded | 2008 |
|---|---|
| Founder | Kushal Chakrabarti Brett Witt |
| Defunct | 2014 |
| Focus | Education |
| Location |
|
Area served | Worldwide |
| Method | Microcredit |
| Website | www.vittana.org (formally, now a personal finance blog) |
The loans issued by Vittana ranged from $200 to $1,500 and were funded by individual lenders through Kiva's lending platform and Vittana's funds.[1] Students were given cash advances for educational expenses before money from donors had been collected.[4]
The cash advance provided by a partner organization was covered when Kiva, or Vittana had aggregated sufficient money from donors.[5] A mother or a close relative acted as a co-signer.[3] The recipient of the loan could repay the loan after landing a job.[5] Vittana students had a 98% repayment rate.[1]
Vittana ceased operations in 2014.[6]
References edit
- ^ a b c Rao, Leena (2010-03-15). "Vittana Applies The Kiva Model To Help Finance Education In Developing Countries". TechCrunch. Retrieved 2024-04-09.
- ^ "About". Retrieved 2024-04-09.
- ^ a b A. Villiani, Storytelling: Tall Tales On Online Platforms? Viewed on 11 Mar 2011, http://beyondprofit.com/storytelling-tall-tales-on-online-platforms/
- ^ Vittana FAQ from http://www.vittana.org/about/faq
- ^ a b How it works. (n.d.) Retrieved March 9, 2011, from http://www.vittana.org/howitworks
- ^ Soper, Taylor (29 August 2014). "Educational microloan non-profit Vittana shutting down". GeekWire. Retrieved 23 February 2016.
External links edit
- Official website