Re-Application of loan

Discussion in 'Borrower Questions' started by Alice Kabochi, Sep 4, 2015.

  1. If time expires before a loan is funded, can one reapply?
     
  2. John Macharia

    John Macharia Gold Member Volunteer Mentor

    without any question ! re post your application if expired making sure your photo is impressive enough and your profile is attractive
     
  3. Thank you.I just applied for a loan.Am optimistic it will be approved.
     
    John Macharia likes this.
  4. John Macharia

    John Macharia Gold Member Volunteer Mentor

    all the best
     
    Alice Kabochi likes this.
  5. evans

    evans Silver Member Volunteer Mentor

    i was invited by a friend but my credit limit started at 4777 but so far have invited 2 friends and their credit limits is at 14777. Why is it happening so?
     
  6. John Macharia

    John Macharia Gold Member Volunteer Mentor

    It doesn't matter whether you are the one invited them or not what matters is your records
    Here are few tips your invitees does that you don't do
    • Maintaining a 90% on-time repayment rate for all installments since joining Zidisha.
    • Making the final repayment installment of the current loan on time.
    • Holding the current loan for at least 6 months.
    • Distributing your repayments over a series of regular installments. You may not qualify for a loan size increase if you repay more than 50% of your loan at once. practice those simple thing and your credit limit will go to where you want and don't forget to update lenders about your progress in your business.
      Few tips in addition
      1. Always make installment payments on time.
      2. Adjust the installment amount as needed.
      3. Invite trustworthy friends to join.
      4. Don't repay your loan all at once.

     
    Last edited: Sep 16, 2015
    Marcus M. and Alice Kabochi like this.
  7. After how long can one re-apply for a loan after expiry date?
     
  8. Marcus M.

    Marcus M. Silver Member

    Hello Alice,

    I believe you can re-apply immediately after your loan expires.

    Best wishes,
    -Marcus
    Zidisha Team
     
    Alice Kabochi likes this.
  9. Thank you Marcus.
     
  10. John Macharia

    John Macharia Gold Member Volunteer Mentor

    IMMEDIATELY
     
  11. emmanuel kalama

    emmanuel kalama Gold Member Volunteer Mentor

    How is this 50% calculated, actually I dont understand.
    There is no time I repaid more than half of my loan (or even half) but every time am told I dont qualify for a credit limit increase, reason being I repaid more than 50% of my loan at once!!!
     
  12. Roy

    Roy Gold Member

    Hello Alice,
    While I agree with what others have said....That is you can apply again. It is a competive process. This being the case, it is worth you considering what you could do to make success more likely. I have found the following application, which I believe belongs to you: https://www.zidisha.org/loan/airtime-distribution-2 . Having read this, I would like to share a number of things (ideas and/or opinions), which may help:
    1. Photos are important. For this purpose, a good photo is not only well lit and infocus, but also shows your smiling face with something, which relates to the purpose of the loan. While we can agree your current photo is good. I think it would be better if it showed you from your waist up, so we can see your face more clearly. While the background may mean something to Kenyan's, it does not mean mutch to me (so I expect it would not mean much to most lenders). Would it be possible to have you presenting the cards you sell, or have you stand along side the words “air-time”. Here are two relevant links:
      Good Photos: http://forum.zidisha.org/threads/ten-great-profile-photos.1124/
      Not so good photos: http://forum.zidisha.org/threads/the-top-ten-photo-mistakes-that-prevent-loans-from-being-funded.1123/

    2. Consider changing the photo during the fund raising period. (I would say once would be appropriate.) This makes your application look fresher. So lenders that decided to lend elsewhere, are more likely to reconsider your application.

    3. We generally suggest that you be specific (using US$) with how you will spend the money, and try to give an indicartion how it will improve the business. This details should be under the heading “Loan Proposal”, which should be restricted to your loan, and not describe your business in general. I understand for the business of “airtime distribution”, possabilities are rather limited. (Consider the possability raised under item 5.)

    4. Under the heading “My Business” you write: “Develop my shamba in the village and do small scale farming.”....This raises a critical question: Is this another business, which you are involved in? If it is perhaps you should reconsider the purpose and title of your loan..... I for example tend to avoid loans for selling air time. If it is not, but something you wish to do in the future, it is more about you and less about your business. This is to say (in my opinion) it does not belong here.

    5. If you also have a farming business, perhaps you would do better to borrow money for it. This would mean you would need to change most of your application.
    These are my opinions, and it may be that others will disagree with me. I am just offering them for you to consider.
     
  13. Roy

    Roy Gold Member

    Emmanuel,
    I am sorry for the confusion. The FAQs reads: “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 amount within a single week.”
    https://sites.google.com/a/zidisha....rower-faqs/questions-about-maximum-loan-sizes

    It seems for your loan (if I have found the correct one) of $100, you repaid $105.00....On 9 Sept. $21.00 $5.25, and on 12 Sept. $40.96, being a total of $67.21 in one week..... I can understand your confusion is because of the guideline's use of “a single large payment”, but it also reads “more than 50% of the loan amount within a single week.”....a single week is critical here.

    I hope this clarifies it for you.

    Best Regards,
     
  14. John Macharia

    John Macharia Gold Member Volunteer Mentor

    what a vivid explanation Taught me a lot .Thank you
     
    Roy likes this.
  15. Thank you Roy for your helpful guidelines on loan application.
    I highly appreciate your helpful guidelines and advice for future reference.
    Thanks to God, my loan has been funded waiting disbursement.
    Am grateful to have a helpful and caring team in Zidisha Forum.
     
    Arhin and Roy like this.
  16. emmanuel kalama

    emmanuel kalama Gold Member Volunteer Mentor

    Thank you very much Roy for your explanation . It is very clear. I have understood.
     
    Roy likes this.
  17. Daniel Kivango

    Daniel Kivango volunteer mentor Volunteer Mentor

    Good explanation Roy,i must admit you usually satisfy me with your explanations kudos
     
    Roy likes this.
  18. Roy

    Roy Gold Member

    Thank you for your kind words....I am pleased to be of help. :)
     
  19. oppong

    oppong Gold Member

    u can reaply if ur loan was not fully funded.make sure u sup ur self a photo and look in the camera and smile.let ur photo quality be good and edit ur business proposal looks attractive.
     
  20. Thank you for your advice Oppong.My loan has been funded already.
     

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