Wondering this as well, I only recently learned that all these Kiva loans I'm participating in, helping to get it funded, had already happened! It kind of makes me wonder everytime my charity-team sends me a message 'only 5 more hours to get this loan passed!'. Not that I particularly mind, but my curiosity was activated as to how this works, why, if a different model can be better and what the benefits/drawbacks are.

So I'd love to learn if people know more about how all this works!