School fees

Ellen    Aug 16, 2022

To start with, l will thank you all for helping me out when needed. I really appreciate. Thanks to you all.

Ellen    Aug 15, 2022

To start with, i will say thanks to you all for helping me out when needed. I really appreciate your effort.

Ellen    Jul 7, 2022

I thank everyone for the fund. And i will pay on time to the satisfaction of all members, thank you.

Ellen    Apr 6, 2019

Please, I don't understand why an amount shown is not the same given, always deductions are much almost 50% is taken from the loan given.... please let me know why. Thanks.

• Lotus Flower    Apr 6, 2019

  Hi, Ellen.
  
  The short answer is because loans are not free.
  
  There is a 5% Service Fee charged on each loan, which is used for running the platform (to pay for money-transfer fees charged to Zidisha by the money-transfer partners in the countries where Zidisha has borrowers, to pay for web-hosting fees, to pay a small salary and high-deductible health-insurance coverage for the Director, to pay a small independent-contractor fee for the CTO, and to pay for other miscellaneous administrative costs).
  
  
  The longer answer--(the reason why the one-time Membership Registration Fee now is higher than it used to be years ago, and the reason why a high Credit-Risk Fee has had to be added)--is because there has been too much defaulting going on among Zidisha borrowers. Those fees get set aside in a special account, a pool of funds, sort of like an insurance policy, in case of default by any borrowers on the platform, so that lenders can get reimbursed, at least in part, for some of the defaulted amounts (Zidisha doesn't collect enough in fees to be able always to cover all of the defaulted amounts). When lenders are reimbursed, either by borrowers who honor the obligation they made to their lenders, or by the special account just mentioned, we can choose to re-lend that money on the platform or we can choose to withdraw it and not lend again. So, you can see how important it is for borrowers to honor their obligations. All borrowers doing so gives the best chances for fees possibly to be reduced in number and amount at some point in the future.
  
  Nobody at Zidisha is happy that the cost of each loan is significantly higher now than it used to be years ago.
  
  I hope this helps you to understand.
  
  Kind regards,
  Laurie

  Log in to reply • Share

  • Ellen    May 21, 2019

    Please can I make complain here?

    Log in to reply • Share
• Lotus Flower    Apr 6, 2019

  Ellen, also, for future reference,
  just in case you don't already know...
  
  Please be aware:
  
  Lenders cannot help you with anything technical or administrative.
  Therefore, this isn't the correct place to try to reach the Staff: www.zidisha.org/team
  
  For more information, please read
  here: www.zidisha.org/loan/buying...
  and here: www.zidisha.org/loan/busine...
  
  Thanks, and best wishes.

  Log in to reply • Share

Ellen    Mar 4, 2019

Thanks very much for your help.

Ellen    Feb 28, 2019

Pay my child fees.
It won't help me at all cos the deductions are too much.
Thanks for the loan.

Ellen    Feb 28, 2019

This loan has helped me very much to take care of my children in school.

Ellen    Feb 5, 2019

This loan has really helped me to support my ward in school. Thanks very much.

Ellen    Feb 3, 2019

This loan has helped me to support my ward in school. Who is 4 years of age.

• Ellen    May 21, 2019

  Please Ellen has been admitted at the Holy Family Hospital in Techiman for months now and promise to start repayment at the end of this month. Sorry for any inconveniences this may cause. Thanks

  Log in to reply • Share