Lender Interest: $341.00 at 2.34% annual rate over 36 months = $23.94
Service Fee: $341.00 at 5% annual rate over 36 months = $51.15
Total Loan Cost:
$23.94 + $51.15 = $75.09
Mary will also deposit $159.86 into the Zidisha Members Loan Fund as security for lenders against default. Mary may withdraw the Members Loan Fund deposit at any time, as long as all outstanding loan amounts are repaid to lenders.
These costs are only paid once and entitle Mary to raise an unlimited number of loans at zero interest.
My name is Mary Muthoni Mwangi. I come from Bahati in Nakuru. Iam a married lady with a daughter who is seven years. We work hand in hand with my husband to raise this lovely daughter of ours.
I have a business of secondhand cloth. I sell children clothes which I buy from Nakuru town because it is the nearest town where I can buy. One bail of children clothes cost 150000, which gives about 5000 profit it just take about a week to sell this clothes so per month I can make about 20000 profit. I also do farming where I plant tomatoes and cabbages. I sell them to the near by market and some people come to buy them from home from this business I get about 200000 annually. From these businesses the money we get is used to pay school fees for our daughter and pay other bills. We get about 440000 annually
I would need some money to boost my business like now I would like to be selling varieties of clothes like shirts and ladies wear to add to my children clothes due to my customers demand. This will help me to get more money and create employment for some people; also I would be able to upgrade our living in the family. I would be grateful if zidisha team would give me a loan of 40000
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