Istallment duration

Discussion in 'Borrower Questions' started by PAUL ACHEIM, Sep 7, 2016.

  1. PAUL ACHEIM

    PAUL ACHEIM Forum Member

    Dear sir/madam
    Am Paul Acheim a VM in Ghana I want to know this. When a loan is disbursed to you the minimum duration to qualify for an increase in loan size is always attach. If a member is entering in to short time business which can retrieve the money fast than that duration is there any privilege for that member.if the fellow still need an increase in loan size.
    thank you
    Paul
     
  2. mfleury

    mfleury Gold Member Zidisha Volunteer

    Dear Paul;

    Thank you for the message.There are several qualifications for increasing your credit limit. In order to qualify for a loan size increase, you must:

    -Maintain a 95% on-time repayment rate for all monthly installments since joining Zidisha.

    -Make the final repayment installment of the current loan on time.

    -Hold your last loan for at least 1 month for loans up to $200, 3 months for loans of $200-$1000, 6 months for loans of $1000-$3000, and 12 months for loans over $3000.

    -Distribute loan repayments over a series of regular installments, rather than repaying the entire amount in a single large payment. A "large payment" is defined as repaying more than 50% of the loan within a single week (one week = 168 hours).

    You can view specific details about why your credit limit did not increase by looking at "Current Credit Limit" in your account. If you still have questions about this after looking at this page, please send us an email with a screenshot of what the page shows you, so one of our staff members can look into it further. Thank you.

    Kind Regards,

    Martha Fleury, The Zidisha Team
     
    Gab, Fitri Fauziyah and Laurie like this.
  3. Fitri Fauziyah

    Fitri Fauziyah Gold Member Volunteer Mentor

    Thank you @Martha Fleury , now I get more information about the connection betwen the amount of the loan with the repayment duration, so the credit limit for the next loan will be increasing, because in my zidisha account there 2 information about the repayment duration now; I need to maintain 1 month repayment duration and the other need 2 month to maintain the loan to increase my credit limit.
    I Think the zidisha team need to update the information about how to increase the credit limit with all the information you write above. :)
     
    Gab and Laurie like this.

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