Information for BorrowersWelcome, prospective borrowers! At Zidisha, we strive to help you grow your business. Zidisha offers loans at affordable interest rates – because we put you in contact with individuals worldwide who lend to you directly.
What are the eligibility requirements?In order to become eligible for a loan through Zidisha, you must first have successfully repaid one or more loans through a local bank, community savings group, or other organization.
Additionally, you must not hold any outstanding loans through other sources at the time of your application with Zidisha.
Finally, you must have regular access to the Internet in order to communicate with Zidisha lenders.
How much can I borrow?If this is your first loan through Zidisha, you can borrow up to 50% of your largest previous loan (i.e., a loan that was acquired through a bank or another lender). If your first Zidisha loan is repaid on time, you can then borrow up to 150% of your largest previous loan. After that, your maximum loan size will increase by 150% each time you repay a Zidisha loan on time. There is also an overall maximum loan size, which is currently USD 500 for the first Zidisha loan, USD 1200 for your second Zidisha loan repaid on time, and USD 1500 per loan for all subsequent Zidisha loans that are repaid on time.
What are the fees and interest?You can propose any interest rate above 5%. The first 5% goes to Zidisha to cover money transfer fees, and anything above that goes to lenders. Lenders who find the proposed interest rate reasonable can choose to fund the loan at or below your proposed interest rate.
In addition, new applicants may pay a one-time registration fee, which is used to cover the cost of credit history verifications. View current registration fees
If your loan is not funded, you are not charged any fees at all.
What are the terms of repayment?Repayment is made in monthly installments. Once your loan is fully repaid, you become eligible to raise a new loan through Zidisha.
From: https://www.zidisha.org/index.php?p=47
What are the eligibility requirements?In order to become eligible for a loan through Zidisha, you must first have successfully repaid one or more loans through a local bank, community savings group, or other organization.
Additionally, you must not hold any outstanding loans through other sources at the time of your application with Zidisha.
Finally, you must have regular access to the Internet in order to communicate with Zidisha lenders.
How much can I borrow?If this is your first loan through Zidisha, you can borrow up to 50% of your largest previous loan (i.e., a loan that was acquired through a bank or another lender). If your first Zidisha loan is repaid on time, you can then borrow up to 150% of your largest previous loan. After that, your maximum loan size will increase by 150% each time you repay a Zidisha loan on time. There is also an overall maximum loan size, which is currently USD 500 for the first Zidisha loan, USD 1200 for your second Zidisha loan repaid on time, and USD 1500 per loan for all subsequent Zidisha loans that are repaid on time.
What are the fees and interest?You can propose any interest rate above 5%. The first 5% goes to Zidisha to cover money transfer fees, and anything above that goes to lenders. Lenders who find the proposed interest rate reasonable can choose to fund the loan at or below your proposed interest rate.
In addition, new applicants may pay a one-time registration fee, which is used to cover the cost of credit history verifications. View current registration fees
If your loan is not funded, you are not charged any fees at all.
What are the terms of repayment?Repayment is made in monthly installments. Once your loan is fully repaid, you become eligible to raise a new loan through Zidisha.
From: https://www.zidisha.org/index.php?p=47