Jan 31, 2020
So i've been out of the loop for a while so i'm sorry if i'm rehashing issues that everyone is aware.
So I was checking how my old loan were doing and to my surprise a bunch of them were "mark" with the possibility of receiving the advance payment.
I did have to activate it manually (clicking on the link in the "your impact" section) even though the option to do that after 60 days was checked in my option.
So I began doing it manually and when i got to page 3 after clicking on the link, the rest of the "Defaulties" switched back to 0% repaid. I cannot get the advance repayment anymore on those.
I don't mind the wait but do know that I have maybe another hundred dollar that may be "dormant" and that i cannot relend to people needing it.
Let me know if I did something wrong so I can make sure I don't do it again :)
Thank you for all your hard work :)
PS: Here is an example
Feb 6, 2020
best I know, there is no way to automate 'Advance repayment'. The 60 day setting you are talking about (found under 'Relending', the option 'Keep repayments in my ...' option) is about automatically loaning any available funds in your accounts to borrowers.
The loan you site is one of those odd ones - looks like borrower never collected the money. Maybe thats why you do not see 'Advance repayment' link on it.
Finally, be aware that there is a limit for how much money you can have reimbursed via 'Advanced repayment'. Last I checked it was $1000 [Added on 20200215] if you have a withdrawable lending account; otherwise, for non-withdrawable lending accounts (Impact Investment), there is no limit."
Sean Sullivan likes this.
Feb 6, 2020
Thank you for your answer :)
Under Account Preference -> Preference -> Early repayment section if you check the box, it should reimburse you automatically after the payment is 60 days late (which most of my repayment is)
Is the limit a one time deal or is it by months/year etc?
How you should I proceed to have to loans "reimburse" so I can lend to other people? Support ticket?
Hmmm. I don't even see 'Early repayment' section! My account type is 'withdrawal'. Maybe yours is 'Impact investment' type and that has this Early repayment option?
Use the 'Help' link on right side of the Preferences page to ask this question so Support can provide you with the appropriate info.
Sean likes this.
Feb 7, 2020
My account is also withdrawal.
Will do, thank a lot for all your help!
Have a great day!
Feb 14, 2020
As a last follow up comment:
I did get in touch with Julia who kindly explained to me the 1000$ which i didn't know about. And after converting my account to the non-refundable kind, I was able to get all of the advance payment for a bunch a loan form 2018.
I do have a couple of observations:
1- I don't understand the 1000$ limit on advance repayment. The refundable account should be able to get all the money back when the borrower default on their payment. That way, it can be reinvest as soon as possible to borrowers that are actually trying hard to get loans. Also, that kind of account could serve the purpose of people wanting to place their money, accepting a little risk of losing some , where it can be relatively easy to access if they need it.
2- I unlocked almost 400$ total... that's 400 dollars that were sleeping for almost 2 years in loan that never were disbursed or repaid. Could have been used for other borrowers.
3- the process of going through 28 pages of loans to check which one are due for an advance repayment is very very tedious. We should be able to group them and see them easily.
Thank you for your help.
Feb 15, 2020
#2 - Exactly! See this thread - www.zidisha.org/forum-threa...
#3 - again, Exactly! I use Excel sheet to track this and it is cumbersome
Alexandre Genereux likes this.
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