A portion of the 10% service fee paid by all Zidisha borrowers is credited to Impact Investment accounts, so their value can grow over time.
We will strive to prevent abuse of our lending platform through energetic pursuit of willful defaulters. Zidisha is the first online microlending community that directly connects lenders and entrepreneurs — without any intermediaries. We also offer the option to set up automated monthly transfers to lending accounts (via Stripe). Bineta repays her lenders and raises a second loan to open a studio. For this reason, it is common for Zidisha entrepreneurs to apply for and invest loans in more than one business — and to raise loans totally unrelated to their previous loans if needed. Zidisha's direct person-to-person connection results in lower cost for the entrepreneurs, and a more transparent and interesting experience for lenders. For example, Deposit cash, Purchase airtime, Pay your utility bills, Subscribe to Insurance. 261,962, Amount Lent That’s because they don’t have the same social “safety nets” that can keep them from losing their households and basic resources. ", "By eliminating intermediaries, Zidisha has been able to reduce cost to the borrower. Instead, we collect enough to fulfill expected withdrawals from the Members Loan Fund, based on past trends. How is my share of loan repayments determined? Giving them the option to pay more when income is strong and steady—and less when money is scarce—gives entrepreneurs a buffer against financial shocks, and helps ensure that the loans do not take away from their basic livelihood. Note that payments are only counted once their due date has passed. What should I do if somebody claiming to represent Zidisha asks me for money? The lower micro finance interest rates translate into larger profits for the entrepreneurs – profits that go directly towards the well-being of their families and their communities.
Loans also carry a credit risk payment ranging from 5% to 15%, which is used for reimbursing lenders in the event of default. Once the loan is fully funded and the entrepreneur confirms acceptance, we disburse your funds straight to the entrepreneur.
Entrepreneurs pay a 10% service fee on each loan they take out through Zidisha in order to cover the money transfer and administrative costs incurred as a result of their loan.
kindly assist . o Open and Increase savings on your Zidisha … Have your own Facebook account with extensive social connections. How does Zidisha protect the rights of its clients? All payments to Zidisha should be deposited directly into the account listed in the Repayment Instructions page of your Zidisha member account. IMPORTANT NOTICE: Zidisha offers no warranty or promise to make cash payouts to lenders. If your loan will not be used for a revenue-generating investment, you should explain the source of income that will be used to make repayments in your loan application. Entrepreneurs may either reduce or increase installment amounts, but the installments may not be skipped entirely, and at least one repayment must be deposited between each installment amount modification. Entrepreneurs who apply to join Zidisha must provide their precise residential address, telephone number, and national identity number before we allow them to post a loan application. Whom should I contact with questions or concerns? You may contact the Volunteer Mentor whose phone number is displayed in your Zidisha account.
Projects Funded Each loan profile contains a discussion page, in which the entrepreneur as well as registered Zidisha lenders may post text messages and photos. You are responsible for managing your finances in a way that ensures you will be able to pay loan installments in full on the dates they are due. Zidisha is the peer to peer version of loan companies available on the internet today. Turning to the numbers, the app has attracted over 10,000+ downloads and is rated 3+ stars by over 400 reviewers. Bineta is a talented seamstress in Senegal, West Africa. Risk payments for loans applied for on or after December 17, 2018 are not refundable. Take for example if one had an emergency; that requires financial attention, over the weekend and on public holidays when most banking halls are closed! But that’s not all.