Forum > Announcements > Borrowers can now accept partially funded loans Forum Guidelines

  • Director
    Julia
    United States

    Feb 12, 2018

    Up until now, loan applications that were only partially funded by the fundraising deadline have been expired. Starting today, borrowers have the option of accepting partially funded loans once the fundraising deadline is reached.

    Under the previous system, lending funds would be tied up in partially funded loan applications for weeks, only to expire and be returned to the lenders. This was an inefficient use of loan capital, and a frustrating experience for lenders who wished to send funds to borrowers they had chosen. It also denied funding to borrowers who had succeeded in raising useful amounts. Many borrowers had loan applications repeatedly expired after raising amounts they would have liked to accept.

    The intent of allowing borrowers to accept partially funded loans is to make more efficient use of lending capital, and to give borrowers control over whether to accept the amount raised.

    Accepting a partially funded loan will not hurt a borrower's credit limit. The credit limit is based not on the most recent loan, but on the largest loan that has been repaid on time.

    This is an experimental change. Whether it is continued depends on repayment performance of the partially funded loans, and the benefits to our members.

    • Volunteer Mentor
      Mimin Munawaroh
      Cilacap, Indonesia

      Feb 12, 2018

      Thank you for the better changes you have made to Zidisha, with this new policy hopefully can cure the disappointment of members who had loan applications repeatedly expired, and can reduce the number of new loan applications that continue to accumulate in the wait-listed, this is a win-win solution for lenders and borrowers.

      Translated by Google     Show original

      Thank you for the better changes you have made to Zidisha, with this new policy hopefully can cure the disappointment of members who had loan applications repeatedly expired, and can reduce the number of new loan applications that continue to accumulate in the wait-listed, this is a win-win solution for lenders and borrowers.

    • Volunteer Mentor
      Ahmed Bishir
      Techiman, Ghana

      Feb 12, 2018

      Thanks very much director Julia, but I want to know if after accepting partially funded loan will you be able to apply for the remaining unfunded loan.


      Alice Wachira and Joseph Saaquah like this.
      • Volunteer Mentor
        George Offei
        Agona Swedru, Ghana

        Feb 21, 2018

        Per my little knowledge and understanding, I think you can't apply for the remaining unfunded loan my brother unless you finish paying off the partially accepted funds.


    • Volunteer Mentor

      Feb 12, 2018

      Several questions are coming up on what might be the problem with Zidisha. We the mentors have tried to explain what makes loans expired before being funded. As the Director has put it, demand for the loan is higher than supply hence most of the borrowers has to wait a little bit longer for their loans to be funded.
      Madam Director, what do you think is to be done to curb this crisis?
      Are most borrowers defaulting?
      Otherwise thank you very much for coming up with a solution to at least bring down the doubts on the mind of most members.


    • Volunteer Mentor
      Su Rono
      Grobogan, Indonesia

      Feb 13, 2018

      This will be much better than having to repeat and repeat making new loan applications again .
      it's time for the old FAQ to be updated by applying the change that gets better again

      Translated by Google     Show original

      This will be much better than having to repeat and repeat making new loan applications again .
      it's time for the old FAQ to be updated by applying the change that gets better again


    • Joshuoa Otieno
      Doho Beach , Ka..., Kenya

      Feb 13, 2018

      Thanks for that Julia. I hope it will help us. My loan just expired the other week and I applied again coz I have hope in you lenders. Am now told to wait until funds get available. Am just inqurering that for how long should I wait


    • Volunteer Mentor
      Kossonou Yao
      Kumasi, Ghana

      Feb 13, 2018

      As someone would say . Thanks our Dr Julia Kurnia .


      Mary and Lawrence Antwi like this.
    • Volunteer Mentor
      Rully Prades
      Cirebon, Indonesia

      Feb 14, 2018

      nice idea :)

      Translated by Google     Show original

      nice idea :)


      Mary likes this.
    • Benard Kaoto
      Kakrigu, Kenya

      Feb 22, 2018

      That will help to motivate both the lenders and the borrowers, thanks a lot for addressing my concern that i raised. I'm happy with that step you have taken madam director, God bless you.

    • John Ndegwa
      Kiptagwanyi Ken..., Kenya

      Feb 22, 2018

      Hi! That's great, its better to take half, than to wait for a full that's not already given. You know a bird flies away with what it had swallowed.


      Fitri Fauziyah likes this.
    • Mararo Daniel
      Kisii, Kenya

      Apr 24, 2018

      indeed it is a good idea. my question is, if someone accepts partially funded loan, how much is he/she supposed to repay back? is it the whole amount requested or that amount one receives?


      • Volunteer Mentor
        Fitri Fauziyah
        Kota Surabaya, Indonesia

        Apr 24, 2018

        If the borrower accept partial funded loan, the borrower will pay the partial amount that funded on this borrower loan

        Translated by Google     Show original

        If the borrower accept partial funded loan, the borrower will pay the partial amount that funded on this borrower loan



  • Cynthia Adika
    Rusinga Island, Kenya

    Feb 12, 2018

    Thanks for this change!


  • Volunteer Mentor
    Oppong Garred
    Berekum, Ghana

    Feb 12, 2018

    Yes that is good for all of us thanks julia


    Kobina Amissah and Deryl Wesonga like this.

  • Volunteer Mentor
    John Thiaro
    Nakuru, Kenya

    Feb 12, 2018

    Hi Julia our Director,

    Thanks for your wise thought and am happy that you are always thinking of better ways of improving Zidisha!!! I most certainly second your idea as it would beat logic for a loan to be funded; then for some reasons, this loan expires only to be expired and the cycle is repeated. It is frustrating to both the lender and borrower and to Zidisha too.

    To all Zidisha borrowers, let us all remember to be repaying our loans on time and diligently.

    John.


  • Volunteer Mentor
    Jones Mwang'ombe
    Mtwapa, Kenya

    Feb 13, 2018

    I've loved the way you do come up with new ways to better my Zidisha family. This is a noble idea, believe me. God bless the team, thanks.


    Kobina Amissah likes this.

  • Joshuoa Otieno
    Doho Beach , Ka..., Kenya

    Feb 13, 2018

    Thanks for that changes.. I hope it will help many . My loan just expired the other week so I don't know whether the expired a mount will be disbursed to me or?..



  • Volunteer Mentor
    Madesto Waswa
    Bungoma Town, Kenya

    Feb 13, 2018

    wow. i love zidisha for their prompt quick solution to problems.i had no idea of what could be done to curb the increasing expiring of loan but i was shocked with that brilliant idea from director julia.keep up director and thanks for the relief.



  • Volunteer Mentor
    Andrews Nunyou
    Berekum, Ghana

    Feb 13, 2018

    Very grateful for the new move



  • Joshi
    United States

    Feb 13, 2018

    This is very helpful change - even from Lender's point of view. It sure is frustrating to see that a project that I have contributed to fails to get completed funded. At times it comes tantalizingly close.

    Will lenders see information about such partially funded loans being serviced by borrower?


  • Volunteer Mentor
    George Offei
    Agona Swedru, Ghana

    Feb 13, 2018

    Good idea Julia but can we also have an option for extension of loan funding period should incase a loan is not fully funded within the default (initial) period. This will enables borrowers who can still wait for extra days for the loan to be fully funded get their heart desire being fulfill.

    • Kobina Amissah
      Agona Swedru, Ghana

      Feb 14, 2018

      Another good idea George. I wish it will be taken into consideration.


    • Mary Nyarko
      Agona Duakwa, Ghana

      Feb 14, 2018

      I support your idea George



  • Anthony Muiru
    Chuka, Kenya

    Feb 14, 2018

    Thank you for your concern,be blessed


    George Offei likes this.

  • Mary
    United States

    Feb 14, 2018

    Great idea!


  • Volunteer Mentor
    Catherine Karanja
    Nairobi, Kenya

    Feb 15, 2018

    That will be great!!God bless Zidisha.


    George Offei likes this.

  • Volunteer Mentor
    Jacob O'nyamul
    Nakuru, Kenya

    Feb 15, 2018

    Thats a good idea



  • Hillary Rono
    Kapsabet, Kenya

    Feb 15, 2018

    The change is highly welcomed madam director.



  • Isaac Asare Boahen
    Abetifi Kwahu, Ghana

    Feb 16, 2018

    Another move on it right direction, we pray it brings long term solution. Thank you


  • Edward Njoroge
    Mazeras, Kenya

    Feb 17, 2018

    A good idea George


    George Offei likes this.
    • Volunteer Mentor
      George Offei
      Agona Swedru, Ghana

      Feb 21, 2018

      Let pray that it will implemented. It will really help bro.



  • Volunteer Mentor
    Darius Mukabwa
    Eldoret, Kenya

    Feb 17, 2018

    It is well, thank you.



  • Lawrita Sakyi
    Sunyani, Ghana

    Feb 18, 2018

    nice initiative madam Julia.



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