Jun 17, 2022
pls some one should pls throw more light on refundable security fee,
i dont understand why it was implemented and as well its benefits
Juabin Matey likes this.
Jun 18, 2022
Hi Ali, the refundable security deposit was implemented because we had a problem with some dishonest people using Zidisha as an investment scheme, repaying small loans up until they earned a high loan amount and then defaulting. If we hadn't taken any action, this activity would have depleted the community's lending funds.
The security deposit is set at just enough to make this behavior no longer profitable, without increasing the cost to honest members (because it is refunded once loans are repaid).
Ali Samuel likes this.
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