Forum > Announcements > Wait-listed loans
As the volume of loan applications continues to grow faster than the supply of lending capital, we have begun wait-listing some loan applications.
When a loan application is wait-listed, it is not published for funding by lenders until lending capital is available. Wait-listed loan applications expire after thirty days. After expiration, they can be posted again as many times as the borrower desires.
Both loan application volume and lending capital availability tend to fluctuate unpredictably. The problem with allowing more applications than can be funded to be published at once is that many loans are partially funded and then expire. This is frustrating for lenders and borrowers, and ties up funding that might otherwise be used to fully fund loan projects. We have observed that many new lenders withdraw their funds and quit lending, after having loans they supported expire after failing to be fully funded.
The intent is to keep the volume of published loan applications aligned with the volume of available lending capital at any given time. When lending capital increases or application volume decreases, we will be able to fund more of the wait-listed loans.
Thanks to the director of julia kurnia, for the information and quick response, hopefully zidisha keep growing and developing.
this information is useful for all of us.
Thank you very much .
Translated by Google
In my opinion it would also be nice if you could do something about the new lenders who are immediately increasing their lending credit by doing a one relative large (lifetime) payment into the MLF. (They have a 1$ credit limit and are asking for 35$ by paying 34$ into the MLF.
During the review of the comments and profiles and on the forum I see a lot (handful a day) of new borrowers who are getting frustrated because in their eyes they didn’t receive the full loan amount. They sometimes are clearly becoming mad and they are accusing Zidisha to be a fraud. I always give the advice to read the borrowers FAQ and tell them to create a support ticket if this was a mistake.
Maybe it’s not clear enough that they are paying a membership fee and that they are only receiving a small part of the loan. Or it might be a good idea that this only would be possible for new lenders who are provided with a mentor so the mentor can provide them with info during the interview.
Besides that those borrower are being frustrated it also isn’t nice for the lenders if they see that kind of comments. It will also reduce the number of MLF repayment support tickets.
Actually, there are always explanation on every loan amount choices. After the borrower choosing the loan amount there will be shown the table list their loan and every element there (the servis fee, the net amount they will receive, MLF (if any), amount that they have to pay.
Their next credit limit if they choose that loan amount.
Also, Zidisha will asking the borrower to re write that the borrower agree to take and will repay the loan amount and every thing in it.
I've seen many just re write the sentence without understanding the meaning behind it. They only saw the 'amount' but takes no time to read again and make sure the net amount they will receive and the amount they need to pay.
Okay I should say that that would be enough.....
Maybe a borrower should then also re enter the amount he is going to receive on his bank account to confirm his/her loan request. If he/she types the large amount instead of the real amount he clearly didn’t understand it.
Yes, I think that should be enough to understand.
Hm, how do you think if the technical team ask the borrower to rewrite it 3 times? The borrower can't copy paste the sentence, they have to type each word of it. Who knows they will stop in the process and re read again the sentence with clear mind and understand it.
Thats a good Idea too. When they input wrong number, they need to re read the sentence again. What I'm afraid is when they put the wrong number, they will input other number in it or others until success.
Hi Joost, about MLF is actually already written clearly when members will apply for loans as well as when writing bank accounts to receive loans (rewrite statement etc), there are still many members who do not understand about this MLF so in the end they are very mad because the loan received does not match the amount to be paid back.
In addition to MLF, many complaints filed by new members in the forum are about lifetime membership fees.
every new member applying for the first loan is not sure about the zidisha system, they assume they only receive a loan of 10,000 IDR (but must return about 160,000 IDR or 310,000 IDR), so they consider zidisha fraud.
It may be better if the membership fee is written clearly on the zidisha registration page so as not to cause misunderstandings once the loan is received and the membership fee amount is made in a fixed amount as some members currently charge different membership fees.
Thanks for information, God bless zidisha. Hope to get my loan soon
I have created a new topic with another idea.
Auntie Laurie, it has been longest time, I hope you are doing well?
Hello, Isaac. I have been here all along... never did take the months away I often intended to do, and probably should do, but can't ever seem to pull myself away from here for that long. There must be very good reasons why. I can think of many good reasons why that is.
Yes, I am fine, thank you. I hope you are well, too. :)
Hi Madam Director, if this is what it takes for loans to be funded; then it is a good idea. Rather than accept some many applications with most of them ending up as expired loans. It would not matter if a borrower waits for a month or two but finally, when his/her loan is published, the chances of having it to be fully funded is 100%.
Thanks to Julia"s director, you and the zidisha team always do their best. Always respond and fix all the problems and constraints that are happening. Hopefully Zidisha growing and progressing. May you be healthy always Julia and God bless you.
Terimakasih direktur Julia, anda dan tim zidisha selalu melakukan yang terbaik. Selalu merespon dan memperbaiki semua masalah dan kendala yang sedang terjadi. Semoga Zidisha makin berkembang dan semakin maju.
Semoga anda sehat selalu Julia dan Tuhan memberkatimu.
Thank you director Julia but I want to know if a loan finally gets published will it get funded without being expired?
I think Julia probably won't mind my answering this question, and providing additional information, too. :)
All borrowers, please take the time to read this entire post. I am fairly sure that it will clear up some misunderstandings that some of you may have.
So, there never is any guarantee that any loan request will become fully funded. Borrowers always are welcome, though, to post a new loan request right away after the time runs out on a previous request that wasn't fully funded. A borrower can do that as many times as is necessary to become funded, as long as the borrower's account is still in good standing (i.e., the borrower has not violated any of Zidisha's terms and conditions).
Zidisha handles the *administration* of the loans, for a 5% Service Fee charged on each loan, which is how the platform can exist.
Zidisha is the liaison between the lenders and the borrowers.
Lenders are mostly just ordinary people from around the world who create lending accounts on the Zidisha platform. (There are a few exceptions; for example, some Zidisha-managed accounts that you will see contributing toward helping to fund various loan requests.) However, most Lenders log in themselves and upload their own money from their own household funds to help borrowers with their projects. If they already have lent before, then after they receive repayments back into their lending accounts, they can choose to re-lend that money to other borrowers' projects or they can choose to withdraw that money and not re-lend it.
This is one of the reasons it's so important for borrowers to repay. Many lenders help fund subsequent loans by re-lending the amounts repaid to them from earlier loans. If they experience non-repayment from borrowers too often, obviously they do not have much if anything to re-lend. When that happens, they also tend not to upload any more of their own money to the platform to help other borrowers. Instead, they tend to withdraw whatever amounts got repaid to them and then they ask us to close their lending accounts and they leave the platform.
Zidisha's success depends on borrowers repaying their loans in full, within a reasonable amount of time. That helps significantly increase the chances that their own and other borrowers' future loan requests would become fully funded.
NOTE: Regarding the other two fees that Zidisha charges, those do *not* go toward Zidisha's administrative operating costs.
The Members Loan Fund (MLF) Deposit Fee--which used to be called the Loan-Loss Reserve Fund (LLRF) Deposit Fee--goes into a separate pool of funds, apart from operating funds. It is set aside to help partially reimburse lenders when some borrowers fail to repay. This helps to ensure that more loans for other borrowers would get fully funded than otherwise would be the case. (The MLF Deposit Fee is refundable anytime the borrower does not owe anything on his/her Zidisha account.)
Please be aware that the Loan-Loss Reserve Fund (the LLRF)--now known as the Members Loan Fund (the MLF)--never would have been necessary to create *if* all borrowers always honored their loan obligations. (We all wish that were the case.)
Some borrowers sometimes get angry and call Zidisha a "thief" because of the MLF Deposit Fee and/or because of the Membership Registration Fee (mentioned below), because they have not understood very well why these fees are charged (especially the MLF deposit fee). After reading this post, it should be obvious to everyone that Zidisha does *not* use that money for any salaries or anything like that, and that Zidisha charges it only in an effort to ensure, through the special reserve fund, that lenders would receive their money back for them to be able to help fully fund future loans *for borrowers*.
The only other fee is a one-time, non-refundable Membership Registration Fee, which entitles the borrower to raise an unlimited number of Zidisha loans (one loan at a time), at 0% interest rate, for as long as the borrower's account is in good standing (i.e., the borrower has not violated any of Zidisha's terms and conditions). This fee used to be small and used to go toward operating costs, but now it may be larger and it no longer goes toward any operating costs. It, too, now goes into the special reserve fund to partially reimburse lenders for when some borrowers fail to repay, to help ensure that lenders could fully fund more loans for other borrowers in the future than otherwise would be the case.
As mentioned above, Zidisha's role is to handle the *administration* of the loans, as well as all other administrative functions of the platform.
Operating costs are kept low by Zidisha being organized as a non-profit organization, and by paying only the Director and the CTO each a small salary (with no bonuses). All others who work on Zidisha's Administrative Staff currently work here as volunteers. Most work very part-time hours (most work here about 10-15 hours per week), and most do not work here every day. So, this is one of the reasons there sometimes are delays in approving loan proposals for Browse Projects, disbursing loans, crediting payments/repayments (which always are credited effective the date borrowers send in money via the money-transfer partner, not the date that the Zidisha staff posts the information on the Zidisha website; so, any temporary negative effect to the on-time payment/repayment rate automatically gets corrected as soon as the payment/repayment is posted), disbursing refunds of the MLF deposit, replying to emails (about log-in problems, or about how to join Zidisha), replying to Support Tickets (about all other borrower issues), reporting technical problems to the Technical Team (some that we notice ourselves, others that lenders and/or borrowers report to us) and following up with lenders (via email) and borrowers (via Support Ticket) after we've heard back from one of the two members of the Technical Team), moderating comments from Volunteer Mentors, reviewing "mentee" feedback, and various other administrative tasks.
All of the administrative work that gets done on Zidisha's platform depends on the availability of the individual members of the various small teams on Zidisha's staff. Teams are organized according to borrower country, and most staff members work on more than one team. It is rare, though, that any staff member works on every team.
Zidisha has many thousands of borrowers and currently fewer than twenty-five staff members. Even when we have twice that number on staff, that still is a very small number compared to the number of borrowers. Therefore, the main trade-off for access to loans at 0% interest rate is that Zidisha borrowers have to be patient.
Keep in mind, too, that in addition to the Zidisha platform, the money-transfer partners' platforms (e.g., Ecobank in Burkina Faso and Senegal; LajanCash in Haiti; M-Pesa in Kenya; MTN in Ghana and Zambia; etc.) experience technical issues--(and sometimes even at the same time)--which the engineers for each respective platform have to investigate and resolve. These also cause delays.
Although it sometimes happens that loans become fully funded quickly and sometimes are able to be disbursed quickly, too, that cannot be guaranteed.
Zidisha is never recommended for time-sensitive emergency loans: www.zidisha.org/faq#faq-70
I hope this helps you better understand how Zidisha currently works.
More information: www.zidisha.org/forum-threa...
I see. Thanks Laurie for the explanation.
Now I understand why the cost section detail on new borrower at first show service fee, once a lifetime membership fee and MLF then just next day only show service fee and MLF if the new borrower choosing MLF. If the new borrower choosing loan amount without MLF, then their cost section only show service fee.
I've asked that on my support ticket but unfortunately they didn't explain this detail as yours.
Thanks again Laurie.
You're welcome, Fitri! Thank you, too, for appreciating the detail. I'm glad it helps! :)
("next day", Fitri, I think you meant "next loan")(?)
I love to read your detail information. It is always give me better understanding about how zidisha works, more information to share to the others or my mentee about Zidisha.
Next day laurie not on the next loan. I'm sorry I haven't think to take the picture. But if you try to read on the first loan of the new borrower you will find that on the cost section only show service fee or service fee and MLF.
I have seen on one of borrower cost section there are 3 element there : service fee, once a life time membership fee and MLF, then when I look again another day on it's cost section, there are 2 elements there : service fee and MLF.
I've notice that there are 2 amount of once life time membership fee in Indonesia. I only have assumption how zidisha determine that. If you still remember, on 2016 I've ever posted on old VM forum that the membership fee was 10% from the loan amount of the new borrower.
Thanks Laurie for making me understand more on how Zidisha works
Oh, Fitri, that's strange. The information shouldn't change from one day to the next. If that happens, please write about it on a Support Ticket so the team can ask the Technical Team to take a look at the specific accounts that you reference in your Support Ticket.
I remembered some other details today, so my longest post up above now has been edited to include it. :)
Yes. I've read it. You've edited the the information and change your reply position. ;)
Some VM has suggested Julia to change the membership fee to a higher amount. I think this VM doesn't realize about it.
I see, the staff has decrease again to 25, just on November 2017 I saw on someone email from zidisha that zidisha staff were 35.
Thanks for the information Laurie.
As Ronny Wijaya said, you are awesome ;)
Have a great day Laurie.
I'm not sure what you mean that I changed my reply position? Oh, wait a minute. I think you mean the physical location of the subsequent reply? Yes, I did do that so the column would not be too narrow, so it could be read more easily.
Unfortunately, some of our interns have left. I forgot to mention earlier that most of our volunteers are just doing a short-term internship and, therefore, only ever intend to be with us for about three or four months (sometimes for a shorter time, sometime for a longer time, but that's usually about the norm). Sometimes some return again for another internship, but usually most move on to other work experiences in their field or in a different field. Zidisha usually is one of several internships undergraduate and graduate students do while they're in school, either during a semester, or during a break between semesters, and rarely both. Many of the students are studying International Business, MicroFinance, or some other related field, but not always.
Whether a student or not, anyone of any age who has a passion for Zidisha's mission--and who can and will do the work--is welcome! :)
*Ronny* is awesome! He was one of the few who worked full-time hours here a lot of the time, too. And he was very conscientious about the work. (I think he worked exclusively or almost exclusively helping the borrowers in Indonesia.) We really miss him!! I think he left because of seeking and finding full-time paid work elsewhere. That's another reason others who have worked full-time hours here eventually have had to leave, too. Unfortunately, it's not something any of us would be able to do forever, working full-time (30-50+ hours per week) without a salary. It truly is not possible, though, for anyone else to be paid a salary here yet.
It's what happened regarding other strong contributors you probably remember, too: Alejandra, Bayle, Camille, Caroline, Claudia, David, Fanny, Joseph, Reema (listed in alphabetical order), and other ones I could be forgetting at the moment but don't mean to!
Anyway, it sometimes happens that several coincidentally leave at the same time. Sometimes it's just coincidence that others looked for and found paid work within only a few weeks of one another. Many departures happened in August-September 2017, and then again just last month (January 2018). Those are transition times at many universities, so it's not surprising when it happens. Some were because of that, some were because of looking for and finding full-time paid work, and some were for other reasons. Fortunately, there already are some potential new team members who may be joining soon. :)
I hope you have a great Monday, too Fitri! :)
I think your area is 12 hours ahead of my area. It's still Sunday night where I am (I will be turning in, in two or three hours from now), while right now it's already mid-morning Monday morning where you are. Have a wonderful day!
Laurie, I reply this section on random post. Yeay. I'm joining the jury course. See you
I see it here, just after this post: www.zidisha.org/forum-threa... :)
Hi Julia, is it possible to charge a fixed amount of Membership registration fee? and it clearly written on Zidisha registration page, so no one will call zidisha a "thief" or "fraud" anymore
Thanks very much Laurie for your wonderful explanation but I have a suggestion to make concerning the long period of repayment of loan.
I suggest that there should be a modifications on the adjustment on amount of repayment of loan. I think there should be a limit on the amount to be reduced. When the loan amount is big , the reduction limit on the adjustment
amount should also be big and when the amount is small, the adjustment
limit should be small.
This will help lenders receive their monies and re-lend it to other borrowers.
You're very welcome! :)
Please note that all suggestions need to be addressed to Julia Kurnia, as she is Zidisha's Director and the sole decision-maker for the platform. :)
We on staff also make suggestions to her, based on our own observations, too. Some of our ideas have been implemented, while others have not. When she can find time, she does provide more information to help us understand reasons why some suggestions are not implemented. She sometimes also indicates whether or not certain ideas might or might not be able to be implemented in the future.
Please also see: www.zidisha.org/forum-threa...
Thanks very much for your in-depth explanation and understanding of all my questions and suggestions. I pray that God bless you all in abundance with good health and long life. Continue lending me and others and you will never regret it. Am very appreciative . thanks Laurie
You have explained a lot of what most borrowers would have wanted to know in great summary coupled with detailed information! Thanks so much, as I had said before in a different forum, you're a very important person in Zidisha! Long live Laurie!!!!
Zidisha keeps me young, John! :)
Thank you for your kind words, but everyone at Zidisha is a very important person! :))
One of my very favorite quotes: "See the movement and flow of life as a great exchange between all beings...There is no such thing as independence...we are all dependent upon one another, for we are all component parts of a great whole...what you contribute, you will be rewarded for...The exchange is always equal, regardless of how it may look at the moment." -Uell Stanley Andersen
I love Ante Laurie so much ! God bless you and with good health.
If you edit your post to correct the spelling, then let me know and I'll delete this post.
This is a great elaboration Laurie, its also easily understood. Keep up the great work and all the best.
I'm so glad to hear that Alex!
I'm happy it helps. :)
I've edited a little bit, just now, to add a little more clarity, now that I've remembered some other points, too, that I forgot the other night!
It is pretty cool to have us posted on your concern.
It really makes sense that way than having all loans posted for finding at the same time since it causes frustrations and disappointments to other parties.
hopefully can continue mambantu ... success always ..
semoga dapat terus mambantu...
I agree with the opinion madam Julia anything to do with seeing more loans funded works for both parties as even lenders need to see the whole cycle of borrowing and lending is consistently in motion so as not to loose hope.
Thanks for the communication, we will wait in the list, may God bless you to enable you fund the borrowers. May more lenders join the organization to help address this crisis of excess applications.
Thank you so much Director Julia for the information. As you and the team are coming up with this great ideas, we borrowers get the previlage of being at peace because all that might be disturbing our mind is always explained/ answered in details by you as a team. God bless
I love Anty Laurie so so much, she is full of wisdom . You make spirits bright here in Africa.
The way she speaks alone even heals. God bless you as you age on.
However i would like to suggest a point relative to zidisha and its issue of low staff strength . In my candid opinion i believe
However i would like to suggest a point relative to zidisha and its issue of low staff strength . In my candid opinion i believe since zidisha does not pay salaries to this workers , i believe borrowers are cool to see an increment in the one time service fee to 10 %. this is still better off as compare to other lending banks in our local banks or communities.
Going forward I believe this will be able to cover some operational cost, administrative expenses and even repair and replace this web page that gets borrowers entangled with bugs and troubles into an upgraded or new system that has a perfect solution to web traffic.
It is our prayers that zidisha will have a going concern and a goodwill.
If you edit your post to correct the spelling,
then let me know and I'll delete this post.
Wow, thank you for those kind words, Basil. I'm glad to help and, to borrow an expression that I've noticed is very commonly spoken on your continent: I am humbled. It's not just words; it is felt, as well. And, you know, Africa brightens my spirits, too! So does Zidisha! :)
Don't worry, Basil. As Zidisha continues to grow, eventually there will be able to be a salary for more help. It isn't that Zidisha willfully *does not* pay a salary to more staff members; rather, it is that Zidisha *cannot yet* pay more salaries.
Despite keeping overhead low, it does take about 5% of the loan volume to cover the current (frugal) operating costs. So, being a good and responsible steward of the revenue, our Director does need to wait until the loan volume increases to an amount high enough to be *able* to pay more people a living salary. That maybe could happen by 2019, if the growth level that occurred in 2017 continues. The last quarter of 2017 was especially promising and gives us a lot of hope.
About your idea, another member of the staff recently speculated (in another context) that the 5% Service Fee might increase. However, I learned from our Director, soon after that, that there is no intention to raise that fee. If that ever should change, though, I am sure she would announce it... however, I would be very surprised if that ever were to happen. We are committed to helping people by ensuring that as little financial burden is placed on them as is humanly possible! :)
About the staff shortage at the moment, it isn't the first time. Have faith, Basil, others will join and we will have more help again. There always are "feast and famine" times, in various ways, in any business organization. We just are going through a little bit of a staffing "famine" right now, but it won't last forever. Don't worry. :)
- "Auntie" Laurie
Good Morning Auntie Laurie and thanks for enlightening me on that. Have ''faith'' is the key word i have learnt from your message and i am hopeful that there are or will be milk days ahead.
The challenges of zidisha are our worries likewise us also. i believe it is reciprocal . We all pray for the continue good of the zidisha family and the organization as well. God grant you all the wisdom the family needs in all your management decisions, the Director Julia, Auntie Laurie yourself and the rest that i am not able to mention, i believe they know themselves.
Stay bless and Shalom.
We are All hoping things return to normal as it use to so that both zidisha community will enjoy at the end because alot of Business are not doing well because of this. I am praying zidisha gets all the support to be able to help borrower do business. Thank you
apologize to all her ... i just give suggestion ... maybe this little make some member discouraged ... problem faced that number of borrower more than lender give me little solution ... maybe you have to decrease it"s a credit limit ... you make a credit limit at a certain limit it keeps the funds stable ... the word word at a certain limit borrower is all funded ... if some people get a big limit of course the funds are just enough to finance the member. .. so the point even though at a certain credit limit but all funded ... a person who gets a large limit if the default does not necessarily inhibit the other loan .. if made a credit limit at a certain limit of profits all members are funded and lender was not anxious if anyone fails .... sorry it"s just my suggestions and inputs .... hope you look and calculate .., you all great and smart people can surely be overcome. thank you...
mohon maaf kepada semua nya...
saya hanya memberikan saran...
mungkin ini sedikit membuat sebagian anggota berkecil hati...
masalah yang di hadapi yaitu jumlah peminjam lebih banyak dari pada pemberi peminjaman saya memberi sedikit solusi...
mungkin anda harus menurun kan limit kredit...
anda membuat limit kredit di batas tertentu itu membuat dana yang ada stabil...
istilah kata di limit tertentu peminjam terdanai semua...
jika beberapa orang mendapat limit besar tentu dana yang ada hanya cukup untuk membiaya anggota itu...
jadi intinya walau pun di batas kredit tertentu tapi semua terdanai...
seorang yang mendapat limit besar jika gagal bayar tentu menghambat pinjaman yang lain..jika di buat batas kredit di limit tertentu keuntungan nya semua anggota terdanai dan pemberi pinjaman pun tidak cemas jika ada yang gagal nya.... mohon maaf itu hanya saran dan masukan saya....harap anda cermati dan perhitungkan..,anda semua orang hebat dan pintar pasti bisa cepat teratasi.
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