MLO Africa: awesome, wholesome deliciousness

Emmanuel    Apr 11, 2016

Hi Sharon, I am a zidisha volunteer mentor in Malindi town, currently mentoring 50 other zidisha members.
Truly speaking, personally, Zidisha is the best micro lending platform and I think it should be the best to any other borrower(entrepreneur).
Previously I have been seeking funds from other platforms such as SAIDA, BRANCH INTERNATIONAL, MKOPO RAHISI just to mention a few but ZIDISHA is my ultimate lending platform where I can interact with my lenders unlike in other platforms.
It is very unfortunate that you seem to have not realized this yet.
I would like to bring y it to your attention that if you underwent the application to join zidisha, there are two distinct phases where you were asked to type this "I AGREE THAT 14,000 WILL BE DEDUCTED FROM THIS LOAN" of which you must have agreed in the first place and after your loan had been fully funded(100% funded, you must have been promptly asked to type "I AGREE THAT 14,000 WILL BE DEDUCTED FROM THIS LOAN" to agree that you accept the loan. I think this was enough to make you aware of this deduction before accepting the loan or NOT accepting the loan so far.
However, there is hope, Sharon. Zidisha is very flexible.
If you cannot repay as scheduled, you can adjust your repayment installment.
"If you cannot pay the full amount due on the scheduled date, you must modify your installment in order to remain in good standing and avoid penalties. To do this, log in to your Zidisha account and use the Adjust Installment Amount page to propose a repayment amount that you can afford. You may reduce the amount due as necessary, but you cannot skip a scheduled installment entirely. Adjusting your installment will not affect your on-time repayment score as long as you honor the new repayment schedule. You may use the same page to increase installment amounts once you are able, so that the total repayment period is not increased any more than necessary."

I have seen most of of the zidisha members making use of this including myself. (You can make it as low as 100KES {$1} per week of which is very much affordable.)

THINK TWICE.

Kind regards,
Emmanuel Kalama,
Zidisha,VM-Malindi.

• Sharon    Apr 12, 2016

  I tried reducing it last week but was told I have to pay one installment first before making the reduction. How does that help me?

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  • Roy    Apr 12, 2016

    It helps you by showing that you stand by your word..... You have agreed to do certain things, and you do them....You can be trusted.
    
    If you were to simply not repay the money, I do not think Zidisha would do anything. They would be disappointed, but they would not send anyone to your door to force you to pay.
    
    You would not however be able to borrow from Zidisha again. This would be most unfortunate, for many borrowers have told of their experience how the loans have significantly improved their lives.... For you to mis out on this opportunity would be very sad.
    
    I wish luck, and hope you are able to make the situation woprk for you.

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Sharon    Apr 6, 2016

"Dear Sharon Alai,
This is to confirm that we have disbursed your loan of 14,892 KES.
Since this was your first loan, the new member registration fee of 1,000 KES and the Members Loan Fund security deposit of 13,000 KES were deducted as you authorized when accepting the loan. The net amount we sent after deductions was 892 KES.
To view your repayment schedule, please log into your account at www.zidisha.org and click on "Repayment Schedule." Payments should be sent to M-PESA bill pay account 600201 Zidisha Inc. When asked for your account number, enter your phone number.
IMPORTANT: To ensure that your payment is correctly credited, please send all loan payments from the same Safaricom number that you registered with Zidisha.
We wish you much success in your endeavor.
The Zidisha Team
Zidisha 21900 Muirfield Cir #104, Sterling VA 20164
Unsubscribe from these updates | Unsubscribe from all Zidisha emails" These are the conclusions I have drawn from this botched loan:
1. You are expecting me to pay 15,000 after taking that amount from lenders and pocketing it for your own benefit
2. You have no interest in developing the common man whatsoever.
3.You are faceless and without premise for one reason only: to facilitate your blue collar thuggery.
4. Unless you correct this grave injustice I will do everything in my power to ensure that this abuse goes viral.
5. I curse the day I came onto your platform

• Marcus    Apr 6, 2016

  Dear Sharon,
  as one of your lenders I'm surprised and sad to hear that you don't seem to be happy with your loan and the Zidisha system. But hopefully this is only a misunderstanding? As per my knowledge (from the Zidisha FAQ at "www.zidisha.org/faq#borrower-faqs") your 13,000KES is NOT(!) a fee but a refundable deposit like an insurance. This may be used if your loan fails so that lenders get back at least some of the money to borrow it to others. But you can get it back any time you want as soon as you don't have an open loan running. As soon as you paid back all your loans you get the 13,300KES back as well. Of course! :-)
  But I understand that for your first loan you need to pay back all the 15,000KES and you could only work with the 892KES. But hopefully your business runs well so that you can ask for a second and higher loan which shall then speed up your business as no new deposit is needed. Only the 1,000KES (~5%) are a fee per loan.
  I hope this information helps you a bit which I also got from my direct contacts with Julia Kurnia, founder an director of Zidisha. And hopefully you still can use the loan to do a good business and apply for new loans afterwards.
  With best regards and take care,
  Marcus

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  • Sharon    Apr 6, 2016

    Still thinking about what to do as that information did not come in black and white. That information wasn't clear and now I feel misled. I will take time out to think about my future plans but this first experience has left a bitter taste in my mouth. All the motivation I had is gone but I will survive like I always have. What pains me the most is that I have to use money that was meant for my kids to clear this loan. :( :(

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    • Roy    Apr 6, 2016

      Sharon, It is my understanding that all borrowers receive messages regarding deductuions at various stages of the borrowing process.... The purpose of the deposit to the Zidisha Members Loan Fund is to discourage individuals who have no intention of repaying the loan.
      Perhaps you should speak more to others that have taken out loans before you.
      Good luck.

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    • Marcus    Apr 7, 2016

      Dear Sharon,
      if you rather like to use or even need the money for your children instead of clearing this loan my understanding is that you can pay back the whole loan at once and then ask for getting your safety deposit back (the 13,000KES). "Only" the fee of 1,000KES would then be lost unfortunately but maybe you can argue about that with Zidisha as well?
      But somehow I still hope you can use this small loan for your business and improve it only a little bit. And after this ask for a bigger loan which shall boost your business much more. This is how I understand the other 21 borrowers planned which I lend some of my money in the past 12 months since I'm active on Zidisha. I still believe this is a good system and the other borrowers seem to feel the same like you can read from their comments.
      Please think again and we all will respect your decision.
      Best regards,
      Marcus

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      • Sharon    Apr 9, 2016

        I am still thinking about what to do. Thing is I have to find money from another source to pay back a loan that has not helped me in anyway and that is still very painful for me. I don't expect anyone to understand but nobody referred me to Zidisha so I guess I had the wrong information and understanding. Still it's not the end of the world. I will overcome.

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• Emmanuel    Apr 11, 2016

  Hi Sharon, I am a zidisha volunteer mentor in Malindi town, currently mentoring 50 other zidisha members.
  Truly speaking, personally, Zidisha is the best micro lending platform and I think it should be the best to any other borrower(entrepreneur).
  Previously I have been seeking funds from other platforms such as SAIDA, BRANCH INTERNATIONAL, MKOPO RAHISI just to mention a few but ZIDISHA is my ultimate lending platform where I can interact with my lenders unlike in other platforms.
  It is very unfortunate that you seem to have not realized this yet.
  I would like to bring y it to your attention that if you underwent the application to join zidisha, there are two distinct phases where you were asked to type this "I AGREE THAT 14,000 WILL BE DEDUCTED FROM THIS LOAN" of which you must have agreed in the first place and after your loan had been fully funded(100% funded, you must have been promptly asked to type "I AGREE THAT 14,000 WILL BE DEDUCTED FROM THIS LOAN" to agree that you accept the loan. I think this was enough to make you aware of this deduction before accepting the loan or NOT accepting the loan so far.
  However, there is hope, Sharon. Zidisha is very flexible.
  If you cannot repay as scheduled, you can adjust your repayment installment.
  "If you cannot pay the full amount due on the scheduled date, you must modify your installment in order to remain in good standing and avoid penalties. To do this, log in to your Zidisha account and use the Adjust Installment Amount page to propose a repayment amount that you can afford. You may reduce the amount due as necessary, but you cannot skip a scheduled installment entirely. Adjusting your installment will not affect your on-time repayment score as long as you honor the new repayment schedule. You may use the same page to increase installment amounts once you are able, so that the total repayment period is not increased any more than necessary."
  
  I have seen most of of the zidisha members making use of this including myself. (You can make it as low as 100KES {$1} per week of which is very much affordable.)
  
  THINK TWICE.
  
  Kind regards,
  Emmanuel Kalama,
  Zidisha,VM-Malindi.

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• Admin    Apr 11, 2016

  Dear Sharon,
  
  I'm sorry for this misunderstanding. Can you help us understand why you did not know about the deduction? We have recorded in our database that you typed "I agree that 14000 KES will be deducted from this loan" in our website agreement to this condition, once when joining, once when posting the loan application and once when accepting the funded loan. Was it not you who typed this agreement, or did you not understand what you were typing?
  
  Thank you,
  
  Julia
  Director, Zidisha

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Sharon    Apr 6, 2016

Dear lenders, out of 15,000kes, I have received 897KES. All my money has been deducted as follows: 13,000 into a security fund and 1,000 for membership. It will take nothing short of a miracle to move on above this blue collar betrayal.

Sharon    Mar 30, 2016

Thanks Simon. I will put a better picture tomorrow and break down my budget further. The one I put is of me making chapati and my hands keep getting cropped out each time I upload it. Grateful for the advice you have given. Warm regards, Sharon

Simon    Mar 30, 2016

Would advice you break down what you intend to buy and the costs too eg the shirts, meat, hotpot, business cards, each item and your cost too, it goes a long way in giving more info to the lenders, also in the photo, be visible with sample dishes in place and in your Mlo attire... Those are just but a few tips from my experience. Otherwise all the best

Simon    Mar 30, 2016

A wonderful idea and very practical, join hands in this dear Zidisha family