NEW BORROWERS

Discussion in 'Borrower Questions' started by Ronny, Nov 18, 2016.

  1. Ronny

    Ronny Gold Member Volunteer Mentor

    Well, i have not been in zidisha for long, but with little time i have been around, i have experienced a lot from new borrowers, first i could like to acknowledge that some new applicants are not quite aware of how the whole process goes, the two parties involved here fall under two categories; those that join by themselves and those that are invited by existing members. i could rather think that as much as those who join by themselves (not invited by existing members) may not fully understand how the whole process goes, meaning that they don't even take time to read the borrowing FAQs https://www.zidisha.org/faq#borrower-faqs, the ones invited by existing members should take time and explain to them how the whole process goes. The most difficult part of this is the deduction of the members loan fund (MLF). Most new members just opt to start with higher credit limits without knowing how much money will be deducted from their first loans, they further don't understand that the MLF is a one time deduction fee that will entitle them to raise an unlimited number of loans with zidisha in future. My encouragement to all existing members therefore is that whilst they are given the invite bonus to invite a friend who might really be in need of that loan, should act as the their first mentors (rather than the Volunteer mentors) to explain in detail form how the loan shall be disbursed and how much shall be deducted and how much shall be paid back. By so doing, i think that the idea of borrowers missing to pay scheduled payments will decrease and make this great platform of great help to many entrepreneurs around the world. Well done zidisha!!!
     
  2. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

    Hi, Ronny! :D

    I hope you don't mind that I've edited a little bit of what you wrote, just to clarify some points a little bit. Overall, you did an excellent job and I want to thank you very much for discussing this issue! I agree that it's quite frustrating when responsible adults fail to carefully (closely) read what's clearly presented to them for the purpose of helping them to understand. :mad: (I rarely get angry about anything, but when this particular issue occurs over and over and over again, as it definitely does o_O, it's sometimes really hard not to become exasperated. :()

    There really just is no excuse for any borrower not to know how the process works, because each and every borrower is required to read all of the details... and to accept the terms of the loan before the loan is disbursed.

    There is no acceptable reason at all for any borrower not to know: that it is only the first loan that has a lot of money deducted from it: (1) the non-refundable Membership Fee, which is charged only once in a borrower's lifetime; (2) the refundable MLF deduction--if a large enough loan is requested to require that fee to be deducted--which can be refunded anytime a borrower has no outstanding loans (if refunded, though, it must be deducted again anytime another loan is taken), and it is charged only once, overall, in a borrower's lifetime; and (3) the non-refundable 5% service fee charged for each disbursed loan... or that it is the total amount of the loan (before deductions) that must be repaid.

    More details are here: http://forum.zidisha.org/threads/member-loan-fund.4664/#post-26779

    No loans ever are disbursed without the borrower already having formally acknowledged that he or she has understood & accepted the terms of the loan
    .

    Therefore, it baffles me when I'm on email-sorting duty (sorting incoming emails into appropriate team folders for team-members to respond to) and I see so many emails from borrowers complaining that they "did not know" the terms of the loan. This is their own fault. They are responsible adults and, as such, we expect that they read and understand the terms. If a borrower doesn't understand the very clearly laid-out terms, then he or she should not ever formally accept any loan until he or she does understand. Period. :rolleyes:

    Volunteer Mentors should remind their assigned members to read (and read well!)... and to ask questions of the VM and/or to send email addressed to the attention of the payment team for their country at "Service@Zidisha.org" if anything isn't crystal clear before they accept a loan. ;)

    Once a borrower accepts a loan, he or she is responsible for abiding by the terms.*

    *If they cannot abide by the terms, they can immediately return what was disbursed and cancel the loan... (but this must be done right away... during the first day or so after receiving the funds).

    We would much prefer, however, for each borrower to behave as a responsible adult by not accepting a loan until he or she fully understands the terms of the loan.

    All help toward this end from Volunteer Mentors is greatly appreciated! ;)

    Sincerely,
    Laurie
    The Zidisha Team
     
    Reema M., Ronny and Alex Lewa Tsuma like this.
  3. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

    Reema M. likes this.
  4. Ronny

    Ronny Gold Member Volunteer Mentor

    I am a Volunteer Mentor and I have been going through the profile pages of the assigned members, it was quite disgusting and I am quite sorry that one of the borrowers was so bitter about the MLF deduction, whoever can read a post on his discussion page can clearly see the complain. I wish I could be of any help to him.
     
  5. yao kossonou

    yao kossonou Gold Member Volunteer Mentor

    Ronny thank you for your message. I am V / M. I am surprised each time that a member invites a new person to join Zidisha and who has received a bonus for it, is not able to give the necessary advice for the repayment of the loan. Let us be serious.Our serious depends on the future of our family Zidisha.
     
    Dennis Kipkurui and Ronny like this.
  6. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

    Well, except for this post, which is just to improve upon my post above (I wish the "Edit" function still were functional here in the Forum so I could just edit the post above and would not have to create a separate post instead, but, unfortunately, XenForo "Customer Support" still has not responded to our Operation Coordinator's bug reports and requests for assistance).

    Anyway, so, here it is, with improvements:

    Hi, @Ronny! :D

    I hope you don't mind that I've edited a little bit of what you wrote, mainly just to clarify some points a little bit. Overall, you did an excellent job and I want to thank you very much for discussing this issue! I agree that it's quite frustrating when responsible adults fail to carefully (closely) read what's clearly presented to them for the purpose of helping them to understand. :mad: (I rarely get angry about anything, but when this particular issue occurs over and over and over again, as it definitely does o_O, it's sometimes really hard not to become exasperated. :()

    There really just is no excuse for any borrower not to know how the process works, because each and every borrower is required to read all of the details... and (only if the borrower understands and accepts the terms) to accept the terms of the loan before the loan is disbursed.

    There is no acceptable reason at all for any borrower not to know:
    (A) that it is only the first loan that has a lot of money deducted from it:
    --> (1) the non-refundable Membership Fee, which is charged only once in a borrower's lifetime;
    --> (2) the refundable MLF deduction--if a large enough loan is requested to require that fee to be deducted--which can be refunded anytime a borrower has no outstanding loans (if refunded, though, it must be deducted again anytime another loan is taken), and it is charged only once, overall, in a borrower's lifetime; and
    --> (3) the non-refundable 5% service fee, which is charged for each disbursed loan; or
    (B) that it is the total amount of the loan-request amount (i.e., the amount before deductions) that must be repaid.

    More details are here: http://forum.zidisha.org/threads/member-loan-fund.4664/#post-26779

    No loan ever is disbursed without the borrower already having formally acknowledged that he or she has understood & accepted the terms of the loan.

    Therefore, it baffles me when I'm on email-sorting duty (sorting incoming emails into appropriate team folders for team-members to respond to) and I see so many emails from borrowers complaining that they "did not know" the terms of the loan. o_O This is their own fault, for not reading and, if necessary, asking questions before accepting a loan.

    Borrowers are responsible adults and, as such, we expect that they read and understand the terms. If a borrower doesn't understand the very clearly laid-out terms, then he or she should not ever formally accept any loan until he or she doesunderstand. Period. :rolleyes:

    Volunteer Mentors should remind their assigned members to read (and read well!)... and to ask questions of the VM and/or to send email addressed to the attention of the payment team for their country at "Service@Zidisha.org" if anything isn't crystal clear before they accept a loan. ;)

    Once a borrower accepts a loan, he or she is responsible for abiding by the terms.*

    *If the borrower cannot abide by the terms, he or she can immediately return what was disbursed and cancel the loan... (but this must be done right away... during the first day or so after receiving the funds... of course, email also immediately must be sent to "Service@Zidisha.org" to the attention of the payment team for the borrower's country).

    We would much prefer, however, for each borrower to behave as a responsible adult by not accepting a loan until he or she fully understands the terms of the loan.

    All help toward this end from Volunteer Mentors is greatly appreciated! ;)

    Sincerely,
    Laurie
    The Zidisha Team
     
    Ronny likes this.
  7. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

    One other quick improvement... I apologize that I missed this typo before, but this line should have read as follows:

    --> (2) the refundable MLF deduction--if a large enough loan is requested to require that fee to be deducted--which can be refunded anytime a borrower has no outstanding loan (if refunded, though, it must be deducted again anytime another loan is taken), and it is charged only once, overall, in a borrower's lifetime...

    (not "loans")

    A borrower is not allowed to have more than one active borrower account on the Zidisha platform, and is not allowed to have more than one outstanding loan on his or her active borrower account at a time.
     
    Ronny likes this.
  8. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

    And a further clarification:

    Active Borrower Account, as opposed to Declined Borrower Account.
     
  9. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

    Again:

    Borrowers are responsible adults and, as such, we expect that they read and understand the terms. If a borrower doesn't understand the very clearly laid-out terms, then he or she should not ever formally accept any loan until he or she does understand. Period.
     
    Ronny likes this.
  10. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

  11. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

    :oops: :rolleyes:
    Better:
    (B) ...it is the total amount of the loan request (i.e., the amount before deductions) that must be repaid.

    I hope that's crystal-clear now for every borrower. ;)
     
    Reema M. likes this.
  12. yao kossonou

    yao kossonou Gold Member Volunteer Mentor

    Ooooh. Laurie you will miss us. Starting today I will count the days of your return. Thank you for everything.
     
    Laurie likes this.
  13. Evry

    Evry Volunteer Mentor Volunteer Mentor


    This is so true!
    It is quite unfortunate what has transpired so far.
     
  14. Ronny

    Ronny Gold Member Volunteer Mentor

    e
    Exactly yao, i must admit that the zidisha platform is one of its own kind in the world, lets be responsible borrowers.
     
    Laurie likes this.
  15. Laurie

    Laurie Liaison: Anglophone+Francophone Countries Zidisha Volunteer

    Yes, I will miss all of you! But not as soon as I thought, lol. :rolleyes: I noticed some inappropriate posts in the "Announcements" section, so I thought I'd better take care of that before any more non-Zidisha core staff keep posting in there! (As a matter of fact, that section is mainly just for our Director's [Julia Kurnia's] official Zidisha business announcements [or our new Operations Coordinator's, Alejandra Cors's]... and only a very few others of us rarely are allowed to create a new thread in there, with advance permission privately requested of and granted by Julia or Ale.)

    You're most welcome.


    Reminder:
    Please direct all future comments and questions to:
    Marite (@marite_p), Martha (@mfleury), Reema (@Reema M.)
    and/or our Operations Coordinator, Ale (@Alejandra Cors).

    http://forum.zidisha.org/threads/pausing-online-work-for-zidisha-for-awhile.4745/#post-27014
    Also, even when I come back (currently intended to be on March 1st), I'm not intending to be in the public Forum on a regular basis anymore; I have too many other things I do for Zidisha and I'm only one person and that's why we've recruited several others to help you in here on a regular basis, from now on. (You can read more by clicking on the "Information" tab here: http://forum.zidisha.org/members/laurie.10487/).

    Best wishes to everyone,
    Laurie
    The Zidisha Team
     
  16. Ronny

    Ronny Gold Member Volunteer Mentor

    Laurie likes this.
  17. Ronny

    Ronny Gold Member Volunteer Mentor

    Dear members, I don't understand why some new borrowers are still not understanding the whole idea of what the MEMBERS LOAN FUND is and what its meant for, maybe I could suggest that among the adjustments that are to be made on this platform to streamline things and make everything work smoothly is to introduce a system where by new members can opt to pay for the MLF once as a single entity. I thought that by including the Money into the principal loan disbursed is making some few individuals start asking funny questions like "how do I pay for what I have not received?" I once din't understand as well but I remember posting a question here on this forum and I was satisfied with the answer given without further claification. I suggest that If the MLF fee is requested from borrowers as a single entity (paid once) instead of spreading it in installments (because its refundable after all), this can be an alternative choice for those who don't understand.
     

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