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That's pretty much how I thought it might go. Like, it sounds good in principle, but for one reason or another, they're people banks won't lend money to for profit. I'd have to think it's just inherently more risky. If one can afford to bet on people and accept the risk, I think it's great some people can get help and hopefully improve their situations.
I like donating local as I can see the people, and in my case, wildlife, that is being helped, and I can also see exactly what their needs are and how they're being filled. It gives me complete confidence where my donations are going, and that makes me happy with knowing I'll never see any of that money come back my way.
Like any other investing, one just needs to determine their risk acceptance and have a clear idea what they expect to get out of it.