Vittana

Last updated
Vittana
Founded2008
FounderKushal Chakrabarti
Brett Witt
Defunct2014
FocusEducation
Location
Area served
Worldwide
Method Microcredit
Website www.vittana.org (formally, now a personal finance blog)

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]

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

  1. 1 2 3 Rao, Leena (2010-03-15). "Vittana Applies The Kiva Model To Help Finance Education In Developing Countries". TechCrunch. Retrieved 2024-04-09.
  2. ↑ "About" . Retrieved 2024-04-09.
  3. 1 2 A. Villiani, Storytelling: Tall Tales On Online Platforms? Viewed on 11 Mar 2011, http://beyondprofit.com/storytelling-tall-tales-on-online-platforms/ Archived 2011-01-23 at the Wayback Machine
  4. ↑ Vittana FAQ from http://www.vittana.org/about/faq Archived 2013-05-02 at the Wayback Machine
  5. 1 2 How it works. (n.d.) Retrieved March 9, 2011, from http://www.vittana.org/howitworks Archived 2011-07-05 at the Wayback Machine
  6. ↑ Soper, Taylor (29 August 2014). "Educational microloan non-profit Vittana shutting down". GeekWire. Retrieved 23 February 2016.


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