New summary display for loan applications

Discussion in 'Announcements' started by Julia Kurnia, Jan 19, 2014.

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  1. Julia Kurnia

    Julia Kurnia Director, Zidisha Zidisha Staff

    Dear all,

    One of the most frequent requests from lenders has been the ability to see a brief description of how a loan will be used from the "Lend" page, without needing to open the profile page itself.

    Up until now, the text displayed on the "Lend" page has simply been the first few lines of the applicant's detailed description of how the loan will be used. Since the accepted practice in many cultures is to begin a new communication with an expression of appreciation, the first few lines of the loan use section often consist of words of thanks, with details on the use of the loan occurring further down in the text field. This made it hard for lenders to differentiate between applications from the "Lend" page.

    The variety of loan uses is so wide that we opted not to try to make them conform to a preset categorization. Instead, we added a short summary field to the loan application form, as depicted in the screenshots below. When completed, this summary field will display in place of the detailed use of loan text in the "Lend" page. Both the summary and the detailed use of loan text will display within the loan profile page.

    The intent is that the new summary display will make it easier to differentiate between the ever greater number of applications that are now fundraising at Zidisha. I'd welcome your feedback and suggestions for other ways we can make it easier to find the loans you'd like to fund from our "Lend" page.



    Screen Shot 2014-01-19 at 3.37.40 PM.png Screen Shot 2014-01-19 at 3.37.46 PM.png Screen Shot 2014-01-19 at 3.37.54 PM.png
    Last edited: Jan 19, 2014
    KirstenShute likes this.
  2. KirstenShute

    KirstenShute Gold Member

    That sounds like a good idea. It is simple and will let lenders see the purpose of the loan right away. Is there a character limit for the text box? Just curious.
  3. Julia Kurnia

    Julia Kurnia Director, Zidisha Zidisha Staff

    Hi KirstenShute, yes, there is currently a limit of 200 characters. You can view several applications that are using the full character limit among the most recently posted.
    KirstenShute likes this.
  4. Julia Kurnia

    Julia Kurnia Director, Zidisha Zidisha Staff

    Dear qt9998, which information would you find especially useful in judging the reputation or credit risk of an applicant? We are always looking for better ways of helping our members differentiate themselves, while still keeping our loan profiles clean and simple.
  5. qt9998

    qt9998 Gold Member

    Well, judging only by the 1st screen capture above,
    Repayment Instructions - something that changes with each borrower or a standard blurb?
    Current Credit Limit - could see how much of it is being used by the loan application, and could possibly calculate how the credit limit was arrived at?
    My Loan Page - don't know what's there but maybe?

    How do others feel?
    KirstenShute likes this.
  6. Sverre

    Sverre Forum Member

    I think that aht ecountries inflation rate in % and GDP ought to be on the borrowers loan page when bidding. This to help so new lenders take inflation rate into consideration.
    Mandy likes this.
  7. Mandy

    Mandy Forum Member

    When choosing who to lend money to, I would like access to as much relevant information as possible. I realise this will make more work for the Zidisha web developer/s and may not be feasible, but here are my ideas:

    There could be information that is required to be shared with lenders, e.g. borrower name, and information that a borrower can choose to share if they wish. The borrower would have an 'Information Sharing' page with a list of all of the information Zidisha has collected and checkboxes beside that would allow the borrower to check the box to allow sharing. Sharing could be with 'everyone' (anyone visiting the Zidisha website), 'members' (only those logged in to the Zidisha site), or 'lenders' (only those who have made a loan or have funds in their lending cart ready to loan). Some information would not be shareable so as not to make borrowers vulnerable to identity theft.

    I would be interested in
    1) The IP address, date and time of borrower logins as this would help me see some of the connections between borrowers that are otherwise not apparent
    2) The borrower's credit limit so I can see whether they have requested less than the amount available to them - I would consider this to be a positive indicator of someone who has carefully considered their ability to repay and/or does not request more than they need
    3) A link to the borrower's forum profile if they are active on the Zidisha forum as it allows me to see which borrowers are involved in helping other members, communicating with lenders etc.
    4) If the borrower's business is registered, a photo or scan of the registration documents
    Last edited: Jan 21, 2014
    Wiredfox likes this.
  8. Julia Kurnia

    Julia Kurnia Director, Zidisha Zidisha Staff

    Hi qt9998,

    The Repayment Instructions page contains standard instructions for how to transfer payments to Zidisha. It is the same for all borrowers in a given country.

    My Loan Page is a link to the public loan profile page - it is the same as what the public sees.

    The Current Credit Limit page gives a customized explanation of how the current credit limit was calculated, and how much the member can expect to raise in the next loan, given current loan size progression policies and that member's individual track record. Below are a couple screen shots of a new borrower's Current Credit Limit page.

    In my experience, the majority of borrowers use their full maximum credit limit in raising loans from Zidisha. One of the most frequent requests we receive from borrowers is to allow larger loan amounts.

    Screen Shot 2014-01-21 at 10.39.56 AM.png Screen Shot 2014-01-21 at 10.40.04 AM.png
  9. KirstenShute

    KirstenShute Gold Member

    Yes, I noticed this morning while translating a profile that the loan summary isn't showing up.
  10. Evelyn

    Evelyn Forum Member

    I wonder if the short loan summary has been replaced. I notice the new headlines above each profile on the main page of fundraising loans. I think these new headlines are great.
    KirstenShute and Sverre like this.
  11. KirstenShute

    KirstenShute Gold Member

    Yes, I agree, I noticed that yesterday. Not all borrowers seem to have something written in their summary, though, so not all the fundraising loans I see have a headline. It's a good eye-catcher, so I hope they take the opportunity.
  12. Julia Kurnia

    Julia Kurnia Director, Zidisha Zidisha Staff

    Sorry for the confusion here! We have not done away with the summary, but rather shortened it so that it can display as a title in the "Lend" page, rather than as a paragraph within the loan page. This was based on feedback from lenders, who noted that a short title indicating the use of the loan would make it much easier to browse the fundraising applications.

    Do you think it would be helpful to display the title (former summary) within the profile page as well - perhaps at the top?
  13. Evelyn

    Evelyn Forum Member

  14. qt9998

    qt9998 Gold Member

    Yes, but it can go to the very bottom of the wish list.
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