I do like "knowing" who I'm lending to. In fact I think it would be cool if Kiva partnered with Snapfish or some other site to offer the option of purchasing hard copy photos of a loan portfolio. I'd like to be able to point to a photo on my fridge and say, "I helped
that guy buy a tuk tuk."
But I do see Johanna's point of view. Regardless of how you slice it up, you're loaning the money to someone who needs it, and diversification distributes the risk. I'd never take 100% of a loan, but until one of my borrowers defaults, I'll shy away from maximum diversification.