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Md Mahboob khan Zai
For me my journey with micro lending started - like for others - with Kiva. I felt that to lend money, as charity, to entrepreneurs would be a great way to not only help those individuals but also to enable employment of others and the money to trickle down in the local community.
However, soon I realized that Kiva is really something else than it is marketed as. It is not a way to lend money cheaply to local entrepreneurs - it's a way to decieve lenders to lend money while still charging "normal" (extremely high) interest on the loans to the borrower.
So I googled like mad and instead found Zidisha. I loved it from start. I also like how the platform evolves. This is not a well proven concept so there's a clear need to adjust the model as we go and learn more.
Lately I've realized that there seem to be a great many borrowers that pay their first few loans immediately (within a few days) so as to be able to borrow bigger amounts and get great statistics on the next loans. I dont like this trend since I worry that those borrowers may want to loan a big amount and dont pay back.
Julia: I guess you've noticed this too. I wonder wether the statistics that measures the number of on-time repayments would show 100% for a borrower that completely repaid the loan after only a few days? Or how do you treat those?
Have you contemplated about enforcing payments according to, or at least near, payment schedule and not allow for early repayment of the complete loan?
It's such an honor to be in this group! I see we have members from New Hampshire, Germany, the Netherlands and Sweden. This really mirrors the location-independent nature of Zidisha.
I'm based in Sterling, a small town outside Washington, DC. Some of you may know that Zidisha is a "distributed" organization without physical offices. This helps us be more cost-efficient and means we don't have to ask staff to relocate or lose time to commuting. In my case, I work from a small apartment where I live with my husband and four-year-old son - photo attached!
I'd love to learn more about other members of this group, why you got involved with Zidisha, and anything else you'd like to share. I'd also welcome questions and ideas - the more the better.
But most of all, I wanted to thank each of you for making the world a better place and helping so many people at Zidisha.
I like to be Level 5 lender. ;-)
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