Certainly it was about time for that to happen - kiva.org is seemingly the worlds first liquid marketplace for micro loans. Actually the site is around for some years now but only now gets a bit more press (and this is how I found it too.

Project descriptions are simple to understand and the site focuses on stuff that needs little due diligence.

Nazila is a 57 year old mother of 4 children,. She lives in the Salyan region, Yenikand village. She has raised poultry for 30 years. Nazila needs a loan of $725 to buy 100 hens,and 50 Indian guinea hens for improving her business.

$725.00 Loan Request
$425.00 Raised so far
$300.00 still needed

The site also profiles the organizations on the ground that contribute data and get loan amounts fed back. What I haven't found though is good data on interest rates (if there are any - hey I'm new to micro lending), default rates and insurance against default by kiva.

But if sites like kiva catch on and if there is a good chance to earn an interest plus improving your conscience it will mark a new milestone of the Internet - helping the world to globalize and prosper.