Laptop so that i do my data entry at home

Esther    Dec 16, 2015

Hello Zidisha am very sorry having not been able to repay my loan as agreed. have been sick n admitted in hospital but now am doing better and at home recovering. I wish to be allowed to pay all accrued payment by 15th jan 2016.
Thank you

Millan    Oct 23, 2015

Hi Esther,

As JK has posted below, I would request that you can kindly go to the forum page he has provided and read through. From there, if you will have further questions(which I guess you will) then you can raise them as and when they arise. Below is an excerpt from a Zidisha Gold Member by names Laurie on that same blog/forum...

"As I understand it, the idea is to discourage fraudsters (e.g., people who would take the money and run), and to require new borrowers to prove themselves. Over time, as they qualify for more and more (and higher and higher) loans, the cost to participate on Zidisha becomes well worth it, since the Membership Fee is a one-time lifetime membership fee, and the "Members Loan Fund" fee (to help protect lenders from defaulted loans) also is a one-time lifetime fee (and the latter can be withdrawn by the borrower under certain circumstances: (forum.zidisha.org/threads/m...). Beyond that, since all loans now are extended at a 0% interest rate, the only other cost to borrowers is a flat fee of 5% of each loan and, as I understand it, that amount is deducted from the loan prior to disbursement. Therefore, in my opinion, as time goes on, Zidisha becomes the best possible place for a qualified borrowers to take out a loan. :)

All of that said, though, Tomi, I do understand your point and support your idea of participating in crowd-funding part of the one-time deposits, but not the entire amount of those, of course, and not too big a part, either, or I think that would defeat the purpose of the way things currently are set up."

JK    Oct 20, 2015

I posted a statement in the Zidisha forum which is awaiting moderation, here: forum.zidisha.org/threads/t...
So I think someone of the officials might respond to this and your problem – hope so...

• Esther    Oct 21, 2015

  Thanks Jk, I do hope so

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    Rolands    Oct 21, 2015

    Hi JK,
    
    That's the thread where I tried to post message about Esther's (and not only) situation. My messages never appeared online and got censored. I bet your's also will not pass Zidishas censorship

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JK    Oct 20, 2015

Esther, this sounds incredible stupid to me as well, indeed. For one to get the loan (s)he´s required to make a deposit as high as the loan itself – wow... pure logic made practical?!! So this really IS silly. No-one who's in need of a loan can pay the same amount as a deposit, otherwise he would´t need the loan and could buy the laptop directly without this loan. Which would be much more economically by the way – crazy!

BTW, all the lenders gave their money to Esther for to buy her a laptop in this case – and not to install a financial deposit instrument. So this is somehow a misappropriation which I personally feel sad about!

Esther, I understand your complaints and feel sorry about this. IF a deposit of such an amount (about as high as the loan itself!) is really needed to BUY YOURSELF INTO THE SYSTEM of nearly 0 percent interest rate on the long run it should be completely clear that you who can't afford this deposit BEFOREHAND should have never been trapped into it... THIS LOAN (which is perverting a loans intent) seems to be a complete mess for your financial situation.

Please Zidisha, refund the loan and payback Esther, as this is an unconscionable contract.

• Esther    Oct 21, 2015

  Thank You JK for understanding the situation am in, This is in deed an unconscionable contract.

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Rolands    Oct 15, 2015

Hi Esther,

I had checked now what is written here about your cost of loan:

Cost of this loan
Service Fee: 5% of $150.00 = $7.50

Cost paid to join Zidisha
Upon joining Zidisha, Esther paid a lifetime membership fee of $10.05.

Esther also deposited $135.65 into the Zidisha Members Loan Fund as security for lenders against default. Esther may withdraw the Members Loan Fund deposit at any time, as long as all outstanding loan amounts are repaid to lenders.

______________________

I am not sure if someone else reads this, but then what is finally?
So, Esther PAYS 7.5 + 10.5 + 135.65 = 153 USD to get a loan of 157 USD
So, now having 7 USD in hands Ether needs to pay 157 USD?
Or I am wrong with this math (since I joined this month only)

• Millan    Oct 15, 2015

  Roland,
  
  Your mathematics is perfect.
  
  Upon joining Zidisha and after ones loan is successful and fully funded, the borrower needs to make or have made payment of the $135.65 + 10.5 into the Zidisha Loan Fund before the loan is disbursed.
  
  However, for borrowers who are not able to have made the refundable $135.65 payment by the time the loan is fully funded, then that amount is deducted from the initial loan.
  
  This whole process is very clear on the website and the borrower has to accept the loan by filling and submitting an online form prior to disbursement. Esther must have not understood this while accepting the loan online or else there was a system problem at the time she was accepting the loan hence the misshap.
  
  Regards,
  Millan Kisali
  VM

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    Rolands    Oct 16, 2015

    Millan
    
    I know it's not really question to you, but I can't see logic behind this as a borrower.
    Esther did not had money to buy laptop, and now she still does not have money to buy laptop, since she got 4 USD.
    But now, having NO laptop, which would allow her work and pay loan back, she has a debt to pay. For what?
    That's not funny any more and not honest. You can blame Esther for not reading something, but this what happens is downright outrageous.

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    • Esther    Oct 19, 2015

      Hi Roland this is for sure downright outrageous, even the banks do not work in that manner, honestly am very disappointed...... I wish Zidisha could be more clear on their terms and conditions for one to acquire loan with them, If this is how its been operating then i believe this is so unfortunate. How do you repay such kind of a loan? which have been of no benefit to you the borrower?

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      Esther Raila likes this.

Millan    Oct 15, 2015

Hallo Esther,

I get your point of frustration and at the end of the day, there are a few concepts you didnt get right or were not clear to you at your point of registration.

When a new members loan is fully funded, one is expected to pay Ksh.1,000 as cost of administration and another Ksh. 13,500 as refundable monies into the Zidisha loan deposit fund. These money (13500) is refundable when one opts out of Zidisha and has no outstanding loan.

I am sending you an email with detailed info on your query right away. Kindly let me know if your query will have been addressed.

Thank you.

Millan Kisali
VM

• Esther    Oct 19, 2015

  Hello Milan
  I wish Zidisha could state clearly that after raising a loan , the supposed loan fund is deducted from the loan raised, otherwise this is very wrong..... how do you guys expect a refund this is frustration of the highest order, even the banks don't work in this manner not even our chamas where we do table banking, anyway what's the way forward?

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Esther    Oct 15, 2015

hello, thanks a lot my loan has been fully funded but am a little disappointed since i only received ksh 428 out of the ksh 14928 that i applied for... this is of great concern how is the loan going to be of any help to me? would someone please clarify this for me. I believe i have read that 5% would be deducted as service fee, If you deduct the whole amount honestly this is not right

• R

  Rolands    Oct 15, 2015

  That does not seems right... I think you need send email to ask about this... Since for us lenders it is sure we have funded you all amount. Or probably you have contact person on place like mentor?

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  • Esther    Oct 15, 2015

    I have emailed the concerned and even consoled my mentor still waiting for feedback, i do hope it shall be sorted out

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    • R

      Rolands    Oct 15, 2015

      In any case let us know why is this. We lenders are doing this to help you, and if there are something hidden.... then we want to know

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JK    Oct 8, 2015

Hello Esther, my final amount for your loan of 18 US $ is meant as a donation/gift to you – (hope this is possible?) please have Zidisha deduct this amount of mine from your loan total as I do NOT expect you to pay back this amount to me :)
I wish you all the best for your and your relatives life as well as the utmost success for your business! Have a good time and stay healthy! :)

• Esther    Oct 12, 2015

  Hello JK, Am so happy that you have funded my loan. Now I will be able to buy my self a laptop, Thanks so much, i will keep you posted
  Regards

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Esther    Oct 6, 2015

Thanks to Zidisha team for accepting me as a member.