Splitit VS Kiva

Compare Splitit VS Kiva and see what are their differences

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Splitit

Splitit is a solution that enables consumers to pay for their Retail or Web purchases using their existing credit cards and divide the total cost across as many interest-free payments as they choose, without completing a credit application or qualif…

Kiva

Loans that change lives -- amazing microfinance web-platform

Landing page //
2023-09-24

Landing page //
2023-10-19

Splitit

Website: splitit.com
Pricing URL: Official Splitit Pricing

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Kiva

Website: kiva.org
Pricing URL: -

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Splitit features and specs

Interest-Free Payments
Splitit allows customers to pay in installments without charging any interest, making it an attractive option for those looking to spread costs over time.
No Credit Check
Splitit does not require a credit check to use its services, which can be beneficial for individuals who have a limited credit history or want to avoid impacting their credit score.
Easy Integration
For merchants, Splitit offers easy and seamless integration with their existing payment systems, allowing them to offer flexible payment options to customers without significant technical overhead.
Increase in Sales
By offering a payment plan, Splitit can potentially increase sales for merchants as customers are more likely to make larger purchases when they can spread out payments.

Possible disadvantages of Splitit

Credit Card Requirement
Customers must have a credit card with sufficient available credit to cover the full amount of the purchase, which might restrict some users from using the service.
Hold on Credit Amount
While using Splitit, the customer's credit card will have a hold placed on the full amount of the purchase, potentially reducing their available credit.
Limited Market Presence
Splitit's availability might be limited depending on the region, meaning not all merchants or customers can access its services globally.
Dependence on Card Issuers
The service's operation depends on agreements with card issuers and networks, which may create dependency issues if partnerships change or end.

Kiva features and specs

Global Reach
Kiva allows borrowers and lenders to connect across the globe, providing opportunities for people in developing countries to access financial services that might otherwise be unavailable to them.
Empowerment
Through microloans, Kiva empowers individuals and small businesses by giving them the capital to start or expand ventures, promoting economic growth and self-sufficiency.
Social Impact
Lenders contribute to positive social impact by supporting entrepreneurship, education, and health, often leading to improved quality of life in communities.
Recycling Funds
As loans are repaid, lenders can reinvest the funds into new projects, amplifying their impact and continuously supporting additional borrowers.
Low Cost
Kiva offers a 0% interest rate to borrowers and doesn't charge any initial loan fees, making it a cost-effective option for those seeking capital.

Possible disadvantages of Kiva

No Interest for Lenders
Lenders on Kiva do not earn any interest on the money they lend, which may be a drawback for those seeking a financial return on their investment.
Loan Default Risk
There is a risk that borrowers might not be able to repay their loans, which can lead to a loss of funds for lenders. Although Kiva indicates a relatively low default rate, this risk is inherent in lending.
Limited Control
Lenders have little control over the use of funds once they are disbursed, and they must trust that borrowers will use the money responsibly and for the intended purposes.
Overemphasis on Success Stories
Kiva tends to focus heavily on success stories, which may not fully represent the challenges and complexities borrowers face in different contexts.
Dependency on Field Partners
Kiva relies on local Field Partners to distribute loans and collect repayments, and the effectiveness of these partners can vary, impacting loan management and borrower support.

Analysis of Splitit

Overall verdict

Splitit is considered a good option for those looking to split payments without taking on additional debt or interest. The service can be especially appealing to consumers who want to budget for larger purchases without impacting their credit rating. However, it's important to ensure that the merchant you're purchasing from supports Splitit.

Why this product is good

Splitit offers a unique payment solution that allows consumers to pay for purchases over time using their existing credit cards, without incurring interest or fees. This can be beneficial for managing cash flow and making larger purchases more affordable. Additionally, because Splitit's method doesn't involve opening a new line of credit, it avoids affecting the user's credit score.