Kiva.org is about to hit $1 Billion Lent in Microloans

Check out the bar above, or visit https://www.kiva.org to see the most up to date figure.

Kiva.org, a microfinance company that specializes in human-to-human microloans, is about to hit $1 Billion lent out. I've been on Kiva for a long time and have really enjoyed it, but am curious to find out what other people think about their model and microfinance in general. I've read articles making the argument that microfinance is terrible and worthless and other claiming it has the potential to put a serious dent in poverty.

Here is what I know: My little $30 has been lent, paid back, and lent again over a dozen times, meaning that a $30 gift/investment has been loaned out for a total of $300+. I've never experienced a default or partial repayment on a loan there. The main thing that makes Kiva different from some sites is that you get to pick the individual you want to loan to after browsing through personal stories and business ideas. I've lent to people and small cooperatives in 11 countries on 4 continents and they've always paid back their loan, which I take to mean they've typically done ok with their business.

Some other sites allow you to earn a return on your loans, which I don't think Kiva currently does. (Correct me if I'm wrong) But given that they are nearing the $1 Billion mark, it seems that a lot of people enjoy connecting to, and helping, other people.

What do you think? Have you used Kiva or similar sites?