Weekly repayment schedules

Discussion in 'Announcements' started by Julia Kurnia, Dec 19, 2013.

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  1. Shehi

    Shehi Gold Member Volunteer Mentor

    @Sverre IMO as long as repaying via mobile money is around 1% of the transfer amount, i find it bearable to make multiple repayments in a month considering the emergencies that interrupted my previous monthly repayments.
     
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  2. Sverre

    Sverre Forum Member

    If its 1% it the same price if you pay monthly or weekly, but a borrower will save interest on his loan by repaying weekly.
     
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  3. Shehi

    Shehi Gold Member Volunteer Mentor

    @Sverre I prefer weekly repayments as I dont have to accumulate the amount in savings before sending to zidisha on the monthly due date. Any emergency occurring along the month has the high chance of consuming the whole month's repayment. FYI, everything is an emergency here (myself falling ill with malaria, cash theft by a friend, replacing a phone stolen by dishonest customer, a customer defaulting on goods credit,loss of goods in transit or a 3-day power dim/outage). We invest all our funds because our networth is too limited (my stock>$120, 1printer+1computer>$350). I support the weekly one.
     
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  4. russell

    russell Forum Member

    I prefer weekly payments.There will be more very small payments though.Julia could you tell me the policy for rounding up or down?For example if I am owed 0.49 cents per week does this mean I get nothing?if I am owed 0.51 cents or 1.51 cents a week do I get 1 cent or 2 cents per week?this matters for 1/2 dollar loans paid back weekly.
     
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  5. Sverre

    Sverre Forum Member

    Totally agree. In other countries without mobile payment, Zidisha might consider repayment each 14 days.
     
    KirstenShute likes this.
  6. ojtos

    ojtos Forum Member Volunteer Mentor

    Personally, I am in the service industry.
    I get paid twice or thrice a month. Whenever I am paid, I apportion some of these proceeds for loan repayments, which may not come on the exact dates when my repayments are due and again I may not be able to keep the money waiting for the due date. I think, when I am able to repay what is due in a particular month within that month, whether twice or thrice depending on the frequency of my paid invoices, then it doesn't necessarily have to follow a strict timetable of 4 installments in a month. Not everyone makes daily sales.
    Cheers
     
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