Mar 24, 2021
In the event that a borrower has repaid his or her loan in full what happens to the risk fee which had been deducted from the loan previously?
Apr 8, 2021
[2021-04-10: Edited to add a link to the Director's 2018-12-16 post in "Announcements"]
[2021-04-10: And edited to change "...before..." to: "...on or before December 17, 2018..."]
In the past, when you had a zero balance on your account and hadn't yet created a new loan proposal, if you hadn't yet ever already requested and received a refund on what you paid into the Loan-Loss Reserve Fund (later renamed the Members Loan Fund [MLF], into which the Credit-Risk Fee goes), for any loan(s) applied for on or before December 17, 2018, you can send a refund request to the Director by creating a private support ticket from the HELP link in your account (when you don't owe anything on your account anymore and if you haven't created a new loan proposal; at that time, an appropriate support-ticket subject option to request that specific type of refund I think would automatically and temporarily appear for you at the HELP link in your account).
For loans dated December 17, 2018, and later, the Credit-Risk Fee unfortunately isn't refundable anymore.
P.S.: In the "Announcements" section of the Forum,
here's the post that the Director made on Dec. 16, 2018:
Ponmile Lekan Akintaro likes this.
Mar 24, 2021
The credit risk fee is not refundable, it is the amount charged that is used to cover the debts of borrowers who have died, become unemployed or had similar troubles and are not able to repay their loans on time. Sometimes it takes years to repay, and meanwhile Zidisha needs enough money on-hand to give new loans to other people. So this is the use of the Credit Risk Fee.
It is my hope that in the future the Credit Risk Fee will decrease every time you borrow an amount of money equal or less than the largest amount you have repaid in the past. But this is not an official policy yet.
If you pay the extra fee for "expedited disbursement", and your loan is not received within 3 days, then the extra fee is refunded.
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