Forum > Announcements > Why loan applications may not be funded immediately
Zidisha is not a bank, but a marketplace that brings together lenders and borrowers who wish to raise loans.
Sometimes there is more lending capital than there is demand from new loan applications. At these times, there is a surplus of lending capital, and loan applications are often funded immediately.
Other times, there are more loan applications than lending capital to fund them. At these times, some of the applications expire without being funded immediately.
We have more lending capital available in the marketplace than ever before in Zidisha's eight-year history. However, in the past month, the volume of loan applications has grown even more than the supply of lending capital. As a result, some loan applications are expiring without being funded immediately.
We have already taken measures to bring the volume of loan applications back into balance with the supply of lending capital, including reducing the credit limit for first-time borrowers, and increasing the minimum time that larger loans must be held before becoming eligible for credit limit increases. In addition, we have worked to raise additional lending capital from prospective lenders. Due to these measures, we expect the supply of lending capital and the volume of loan applications to come back into balance soon.
In the meantime, if your loan is not funded immediately, we recommend continuing to try again with new loan applications as long as you are still interested in raising loans with Zidisha. Maintaining a high on-time repayment rate, posting good-quality photos and communicating regularly and meaningfully with your lenders will increase your likelihood of being funded quickly especially at times when many loan applications are competing for funding. In time, we expect that lending capital will again be sufficient to fund all applications.
Thank you Director.
Dear team & honorable mother julia kurnia, in indonesia there are many technical errors in recording payments, including I also experienced it
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Thanks to our Director Julia Kurnia for what you do every day to get a lot of people out of the hole. We will always be grateful to you. May God bless you with your team.
am pleased to hear from you the Directors communication is the best now that you have put in some light am delighted with your point even if my loan is under the second time applied but not fund has been put on it am sure you will fund it though not in time
Yes let's pray and wait my loan is 3 days to expire and this is the second loan the other loan l posted and waited it was not funded instead it turned to errors and l created support ticket before they correct it took time.After corrections it took time for them to clear the dashboard error for me to post another loan.
Thank a lot for publishing my loan application which is now expired. With the introduction of features like " help", I find it very difficult to re apply. I can no longer locate the "apply button. Please help.
My previous loan was 1,600,000 alhamdulilah funded and I have paid off
The next loan is Rp 2,467,055 not paid
Continuously nominated loans again down to another 1,600,000, but not funded
this is a new loan proposal
I really hope this loan proposal can be funded for the continuity of my business. I promise to pay the installment on time even earlier like installment payments I have done so far
Thanks for your response, Director. I suggest also that you use high repayment rate as a criteria for funding since sometimes faithful borrowers are compromised even after remaining faithful to Zidisha principles. Best regards.
This is good information. Thank you
Thank you Madam Director for this informative message. As a matter of fact, the lending situation has come to normal and we expect it to be more and more. Most of the applicants have received their loans in due time and we thank all our lenders for the good job well done.
Bravo to Madam Director, the entire Zidisha lending team and all the Zidisha staffs for working this extra heard to bring things back to normal.
Receive my good wishes for the prosperity of this organization. May God bless you all.
Thanks a lot for this explanation. This one gives us something to tell our Mentees when they ask. Some are new and don't completely understand how Zidisha works. With this information we are well equipped to give answers. Thank you very much for this update.
Thank you for the explanation I will be able to answer questions related to this.
Thank you explanation hopefully julia blessed god. Keep the spirit and hope the fore zidisha can continue to grow and victorious
Terimakasih penjelasannya semoga julia diberkati tuhan . Tetap semangat dan semoga kedepan zidisha bisa terus berkembang dan jaya
For the last 2 months, a lot of borrowers loan getting fully funded 100% quite fast, sometime in few hours after they post their loan. And the expediting service quite "exciting experience" too. They are not used to wait till the last day to get their loan fully funded or have to reapply.
Can you please, give more space to our support ticket? I've reach my maximum support ticket capacity. And I'm sure the other soon will Have this problem too, as support ticket is borrower place to communicate with zidisha about borrower account.
Thank you for the Information. Have a great day.
Apologies for the late reply. I only just now have seen this thread.
The reason there is a limit to the number of pending Support Tickets for each borrower, at any particular time, is because Zidisha's Staff is very small.
--> It's very important that borrowers be patient, and wait for a reply, before submitting another Support Ticket.
--> Also, it would help the Staff a lot, after the borrower receives a reply on a Support Ticket, if the borrower needs to follow up about the same topic, to use the very same Support Ticket already created for that topic.
--> And whenever a new topic needs to be discussed, it would help a lot if the borrower would create a new Support Ticket with the correct topic reflected in the Subject Line. This is because we have the ability to search for tickets by Subject, but not by keyword, and very often when the search results appear for "Interest in becoming a Volunteer Mentor" (for example), the actual topic of the most recent message on the Support Ticket often has nothing at all to do with the borrower's interest in becoming a Volunteer Mentor, but could be about reporting a technical error, or a question about a loan not yet disbursed, etc. (In Zendesk, we were able to change the Subject Line to reflect the actual topic of the most recent message in the email, which we *very often* used to have to do. However, in the Support-Ticket system, we unfortunately do not have the ability to correct the Subject Line, when necessary... and it very often is necessary.) Therefore, it really would help A LOT, if borrowers could please be more careful when submitting Support Tickets.
--> Additionally, if you haven't already done so, please ask your "mentees" to read all of the information at the following link, so they will understand better about Zidisha, including (but not limited to) why it is very important to be patient for a reply to any Support Ticket. www.zidisha.org/forum-threa... (thread 1295, comment 4428)
As always, thank you so much for all of your help! :-)
Dear Julia, I understand very well the problem of many current loan applications that are not 100% fulfilled because the number of loan applications is not proportional to the current supply of lending capital (either because the lenders do not add funds to the zidisha or the funds they previously borrowed have not returned).
Reducing the credit limit for first-time borrowers, and getting eligible for credit limit increases can indeed be one way to lower the number of loan applications in order to be proportional to supply of lending capital.
But please do not get hung up on the nominal loan or credit limit only, please note also the duration of projected term as this will greatly affect how fast the funds will be received back by lenders so that it can be used to fund another loan back.
I notice there are currently some borrowers with large credit limits up to 4 digits but can easily change the installment amount at any time up to a few dollars (some below $ 5) so that the projected term duration reaches above 400 month (this means above 33 years of the loan will be paid off. Wow!), And this change is sometimes done after the loan disbursed, I think it is very inefficient because the rotation of lenders fund is not dynamic, and only profitable for borrowers with big credit limit alone, the impact, new loan application is not easily fulfilled although small amount because of the large number of lenders fund who have not returned, of course this is not fair for borrowers with small loan limits.
I as a human being understands very well that sometimes we experience obstacles in running our business so that it can affect our installment payment to zidisha, and the feature of changing this installment is intended to help borrowers in the face of such obstacles. But I think it would be better if zidisha also limit the minimum amount of installment payments that can be adjusted with the nominal loan so that borrowers do not arbitrarily change the amount of installments up to a few dollars even though the loan amount has been received thousands of dollars.
Given these restrictions it certainly can spur borrowers to try harder to pay the installments and appreciate the initial commitment, because I think the current system only makes borrowers lazy or less serious in paying installments, especially for borrowers with large loans that have been disbursed, they simply change the installment in the middle projected term and I think the duration of projected terms up to 20, 30 or 40 years is very inefficient.
Maybe you can create a policy where the duration of the loan can not be more than 10 years or adjusted for the loan amount, it is so ridiculous if the loan is thousands of dollars while the weekly installment is only $ 2 or $ 3 only so that the projected term reaches decades, this will affect the supply of lending capital and will ultimately affect the funding for new loans.
Hopefully what I convey can be of concern to you and certainly to a better zidisha in the future, in addition to the technical problems that occur lately where I am also affected due to payment processing error.
Good point there Mimin
good point right there
Many thanks for your post, Mimin.
I mentioned this to Julia and she said:
"Our website should prevent loans being scheduled with a duration of over five years from the current day. There was a bug in the past that allowed this, but we thought it was fixed, and now it is.
That said, the purpose of allowing small installments (especially when using the "adjust installment amount" feature) is to ensure people in hardship do not have to choose between basic livelihood, emergency medical care, etc and paying scheduled loan installments. Allowing tiny nominal installment amounts gives people a path to stay on track with payments during times of hardship. We've found that this results in better payment performance than allowing people to defer scheduled installments. The flexibility helps ensure that loans do not end up causing harm when repayment expectations no longer match a person's ability to pay (a serious problem with traditional microfinance)."
Having said that, the error has now been fixed so the maximum duration of a loan is 5 years.
Thanks again, Mimin.
Hi Dave, thank you for helping to address this issue to Julia and thankfully 1 bug is fixed again so new policy is fairer for borrowers with small or big loan limit and for lenders also of course because their money will come back in reasonable duration so that it can relend to other borrowers, the maximum duration of 5 years is more than enough to pay installments.
Please also check synchronization between accounts on the web and apps, because I see sometimes there are different options when setting the loan amount or the choice of installment amount, the option in the apps allows to change the installment to a very small amount even on the web can not, I do not know whether it's a bug too or indeed lacking in sync between web and apps.
Hi Dave and Julia, thank you for the wonderful work. The new policy that require a staff to review it before publishing, please look into it for members because I think some of them delay so much for approval due to Limited staff. Thank you
Dear Julia,Thank you very much for giving us this wonderful information.Is well understood. God bless you .
Thank you Julia"s director for his explanation ... May your day always be fun and always blessed. Yours sincerely and best regards from me Huzaifah Abdullah
Terima kasih ibu direktur Julia atas penjelasannya...
Semoga hari harimu selalu menyenangkan dan selalu diberkati.
Salam hormat dan salam kenal dari saya
Hopefully future zidisha will help advance to cultivate our hope and future .. Well maybe lenders also need money for the end of their year, Let us be patient and remain optimistic zidisha will always be there to help our future all ..
Semoga kedepannya zidisha makin maju membantu untuk menumbuhkan harapan dan masa depan kita..
Yah mungkin pemberi pinjaman juga membutuhkan uang untuk akhir tahun mereka,
Mari kita bersabar dan tetap optimis zidisha akan selalu ada untuk membantu masa depan kita semua..
Thanks for the explanation his mother julia ,, i am optimiss now, even though my submission can not in current danai ,, i will try to re-apply my loan until in danai .....
Terima kasih untuk penjelasan nya ibu julia,, saya optimiss sekarang, meski pengajuan saya tidak bisa di danai saat ini,, saya akan mencoba kembali mengajukan pinjaman saya sampai di danai.....
Dear Julia, I would like to confirm the issue of BCA Virtual Account used for repayment for members in Indonesia, today most Indonesian members can not make installment payments because their BCA VA status is not found, including my BCA VA. Based on info from xendit as payment processor in Indonesia, they are investigating BCA VA problem so most likely BCA VA will remain in disable until they finish the investigation process, they also sent an email to you about this problem. Of course this problem can hamper the transaction process in Zidisha especially for member from Indonesia, therefore please you can confirm to xendit party to activate Virtual Account from other Bank which already in support is Virtual Account from Bank Mandiri, BRI or BNI so that process of repayment will remain smooth even if there is one virtual account problem because member can pay to other virtual account. thanks.
Dear Julia, saya ingin konfirmasi mengenai masalah BCA Virtual Account yang digunakan untuk repayment bagi member di Indonesia, hari ini sebagian besar member Indonesia tidak dapat melakukan pembayaran angsuran karena status BCA VA mereka tidak ditemukan, termasuk BCA VA saya.
Berdasarkan info dari xendit selaku payment processor di Indonesia, mereka sedang melakukan invetigasi mengenai masalah BCA VA jadi kemungkinan besar BCA VA akan tetap di nonaktifkan hingga mereka menyelesaikan proses investigasi, mereka juga sudah mengirim email ke Anda mengenai masalah ini.
Tentu masalah ini dapat menghambat proses transaksi di Zidisha khususnya bagi member dari Indonesia, oleh karena itu mohon agar Anda dapat konfirmasi ke pihak xendit untuk mengaktifkan Virtual Account dari Bank lainnya yang sudah di support yaitu Virtual Account dari Bank Mandiri, BRI atau BNI sehingga proses repayment akan tetap lancar meski ada salah satu virtual account bermasalah karena member dapat membayar ke virtual account lainnya. Terima kasih.
Thanks madam director for notification. We appreciate your effort in trying to ensure our welfare is taken into consideration.
Your statement begins at a very high note, ''Zidisha is not a bank.'' I like that.
Thanks alot for that piece of information,i hope all our issues will be sorted out especially technical errors.Otherwise Zidisha is the best.God bless our Zidisha members.
Thank you for your opinion and I am looking toward to move as per that opinion
Dear Julia, thanks for giving us this information, infact i personally never knew what was happening but am now fully informed. We appreciate your efforts in to seeing Zidisha a platorm transform the world economically.
thanks alot at times the lenders really need the loans like a time like this its peak season and its going to be real good sales.
"Zidisha is not a bank" very precisely what is said by Julia, zidisha is the result of hard work of volunteers.
happy commemorate INTERNATIONAL VOLUNTEER DAY on December 5, 2017 to Julia, Dave, Zidisha Team, the Lenders who have made a very meaningful zidisha and volunteer mentor from all over the world.
From the volunteers, many things can be learned. By sharing, many good things happen. From voluntary action, there is a joy that can be felt by many people. Small steps taken today, will have an impact with what happens later.
Thank you for your comments
Thank you zidisha family for your wonderful work at this difficult times you are still trying very hard to get all borrowers loan funded. Please keep on assisting the young businesses and you will be blessed. Thank you
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