Forum > Borrower Questions > inefficiency in loan approval and funding Forum Guidelines

  • Volunteer Mentor
    Daisy Cheruiyot
    Nakuru, Kenya

    Feb 2, 2018

    it is with grave concern that i am writting this. the longer a loan takes to be approved by zidisha staff, it reduces the amount of days a project can be funded.
    take for example a loan takes 5 days to be approved , that means by the time the loan is available for funding only 8 days will be remaining,which will all know is close to impossible for the loan to be funded. again the same cycle when the loan is not fully funded , a borrower applies again,zidisha staff takes ages to approve the loan and less days are available for funding. loans will never be fully funded that way,approvals should be fast ,and zidisha should increase the number of staff



  • Zidisha Volunteer
    dave2319
    United Kingdom

    Feb 3, 2018

    Hello Daisy.
    I agree it's not good for borrowers that the countdown timer keeps ticking while the loan application is pending approval. Staff have suggested that this is changed so it doesn't keep counting down.

    When I say "staff", there are currently only two people here who get paid, including the Director, Julia. The rest of us are volunteering, and the number of volunteer staff varies over time because many are at university or looking for paid jobs. We could do with more volunteers at the moment, although they can only be from a non-borrower country.

    Also, regarding loans being available for funding, see this post from Julia here:
    www.zidisha.org/forum-threa...

    • Mimin Munawaroh
      Cilacap, Indonesia

      Feb 3, 2018

      Hi Dave
      at the announcement sub forum, Julia posting about the loan that goes into wait-listed,
      will this wait-listed replace the review process by volunteers?
      or the review process will still be done before the loan goes wait-listed?

      Translated by Google     Show original

      Hi Dave
      at the announcement sub forum, Julia posting about the loan that goes into wait-listed,
      will this wait-listed replace the review process by volunteers?
      or the review process will still be done before the loan goes wait-listed?


    • Volunteer Mentor

      Feb 12, 2018

      very true dave, like mine its still pending review by zidisha staff until now,really making the days left for funding short



  • Zidisha Volunteer
    dave2319
    United Kingdom

    Feb 3, 2018

    Hello Mimin.
    I think there'll still be loans pending approval as well as the new wait-listed ones, but I've just left a message for Julia asking her those two questions, and I've also asked whether it'll help to reduce the number of loans pending approval.
    I'll let you know when I've heard back.

    • Martin Kimani Mwangi
      Bahati, Nakuru, Kenya

      Feb 3, 2018

      Hi Dave. Please do a follow up on our behalf so that inconveniences are reduced. Could you also include in your list the question of MFL. It's really proving abit tricky because some lenders seem not to understand the concept. I had to cancel my earlier loan with MFL and re-applied, upon the advice of one lender, and surprisingly my loan got funded immediately. Then one is left asking, what's the main concept behind MFL if lenders are circumventing it? Kindly



  • Zidisha Volunteer
    dave2319
    United Kingdom

    Feb 3, 2018

    Hello Martin.
    Your loan might have been funded much quicker without paying into the Members Loan Fund because the lenders therefore only needed to lend a much smaller amount.

    What happens is:

    Lenders fund the whole amount, and the borrower receives it minus the fees which are deducted.
    The MLF fee (if you choose the MLF option) goes into the Members Loan Fund. The borrower pays (out of their own money) this amount back to the lenders.
    The 5% service fee and one-time registration fee for new borrowers goes to Zidisha. The borrower pays (out of their own money) this amount back to the lenders.
    The borrower repays the amount they received and it goes back to the lenders.

    The point of the Members Loan Fund is for borrowers to prove their trustworthiness by making a payment out of their own money to prove they can be trusted if they were to receive an amount of that size. If they pay it on-time, their credit limit increases notably for their next loan - it's a much larger increase than if they hadn't paid into the Members Loan Fund.



  • Joseph Saaquah
    Accra, Ghana

    Feb 3, 2018

    Hoping for more lenders to come on board to help.Only prayers with faith can save us now.am praying sooooo hard for my loan to get fund.god have Marcy



Please log in to comment.