Can you help?

Discussion in 'Zidisha | Fostering Peer2Peer Entrepreneurship' started by fcjapan, Jan 23, 2013.  |  Print Topic

  1. fcjapan

    fcjapan Gold Member

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    Milepoint has a new Zidisha team, less than a month old.
    We could use your help.

    Since our team's inception, I think there have been zero expiries to date. The very first loan looks to expire under milepoint watch and with only 74 bucks left you can make a difference, even by taking a small slice of this.

    https://www.zidisha.org/microfinance/loan/mwade/1440.html

    This is not a microfinance loan where the borrower already has the money. If nobody gives money in a few hours, the borrower receives nothing of the hundreds of dollars already offered. It is not pre-disbursed.

    Paypal charges 3.5% to send funds to Zidisha. This borrower will pay back max of 3%. To compensate for the 0.5%, I offer virtual massages and photos of my navel. Also keep in mind that once the loan is repaid to you, you can relend and compensate yourself at a new interest rate.

    If you are unsure of Zidisha and new to it all, I will vouch on my word to cover any default losses to you if somehow this borrower fails to repay (must join the Zidisha milepoint team).

    Maybe a save this loan thread with the occasional guarantee.
    So please lend a hand, because it will make a difference...to Mor Wade.
     
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  2. KyRoamer
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    KyRoamer Gold Member

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    I was too late as it had fully funded. Photos of navels are so old school though. The least you should have offered was a Youtube video.
     
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  3. KyRoamer
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    KyRoamer Gold Member

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  4. fcjapan

    fcjapan Gold Member

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    Will take a piece if any repayments come in early.
    Sidelined at the moment with a battered yen, but maybe still have some USD floating around somewhere with nothing better to do, will need to check. My idea was just to plant a seed and see if it grew, so mostly waiting to see what happens with the portfolio now before popping in any larger amounts, but will probably still contribute bits here and there if I can round up any of those dollar thingies.
     
  5. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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  6. KyRoamer
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    KyRoamer Gold Member

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  7. fcjapan

    fcjapan Gold Member

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  8. zphelj

    zphelj Gold Member

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  9. KyRoamer
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    KyRoamer Gold Member

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    I'm too antsy. When I decide to put in new money, I want it available then. Still I've sent money via bill pay three times. Two were posted in four business days. One was just done last Friday and is not there yet.

    I loan $25 at a time. Where I get caught up with PayPal is when I have over $5 in credit and cannot stand seeing it sit there. I then lend $25 and let PayPal make up the shortfall.

    Bill Pay is a great option far as I can tell.
     
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  10. zphelj

    zphelj Gold Member

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    Since my plan is to break even and I'm generally not in too big of hurry I think I will like the bill pay option. I can give the 3.5% I save toward an overhead donation and/or loans.
     
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  11. KyRoamer
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    KyRoamer Gold Member

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    Sent $100 last Friday. Should take three business days. So hopefully it arrived yesterday and will be posted today.
     
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  12. zphelj

    zphelj Gold Member

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    I'm happy to report my bill pay test worked very well and in less than a week.
     
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  13. KyRoamer
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    KyRoamer Gold Member

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    Mine also came through. It posted on day 6.
     
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  14. zphelj

    zphelj Gold Member

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  15. KyRoamer
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    KyRoamer Gold Member

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  16. fcjapan

    fcjapan Gold Member

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    Updating...
    Feb 13 pricilla mohamed - Fully Funded!

    Feb 14 Samuel Ochieng - Fully Funded!

    Feb 14 daniel katore - Fully Funded!

    Feb 23 OULIMATA FAYE - Not yet, but still time

    Poor Bandjan from Guinea expired again :(

    And still some time and maybe no danger of expiring, but this is my kind of loan:
    https://www.zidisha.org/microfinance/loan/vision-computer/1700.html
     
  17. zphelj

    zphelj Gold Member

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    Still time but I'm surprised that I'm the only person on this loan. I used Google Translate to get some idea of what was being said (in French) and hope others will do the same.
     
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  18. Randy Petersen
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    Randy Petersen Founder

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    If a team member has an idea for my first loan, I'd appreciate the guidance. Thank you.
     
  19. zphelj

    zphelj Gold Member

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    I usually sort by 'expiring soon' and then review. If it looks like something I want to help out I make a loan bid.

    Here's Gabriella, expiring tomorrow. Needs $134.17 to get get there!
     
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  20. Randy Petersen
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    Randy Petersen Founder

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    She's now there. Thanks for the suggestion.
     
  21. fcjapan

    fcjapan Gold Member

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  22. zphelj

    zphelj Gold Member

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    I wonder if it's the offered interest rate of 3% that pushes people away? From what I've gathered so far that's probably break-even given risk, inflation and so on. Otherwise this loan looks fairly decent to me. She even has a claimed history of borrow/repayment success.

    Break-even works for my strategy so I'll jump in on this one when my funds in transit post but it's going to need some more help people!
     
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  23. KyRoamer
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    KyRoamer Gold Member

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    i also sort by expiring soon. Unlike Kiva, Zidisha loans expire quickly so most that I would recommend would be gone within a day or so. Decide on your interest rate. If it is zero or low, consider bidding on a high interest rate loan because when your bid is accepted, average interest cost goes down for that borrower.

    Looking forward to having you on the team.
     
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  24. fcjapan

    fcjapan Gold Member

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    I don't think this is a good strategy under certain conditions - if there is an oversupply of loans, when many loans seem to be expiring, such as now.
    Some lenders only loan to a higher interest rate. If you are willing to lend at low or zero, then choosing a borrower asking for a low percent will see more overall loans funded, and more joy spread.
     
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  25. KyRoamer
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    KyRoamer Gold Member

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    Good thought. The higher interest rate loans do tend to fund faster so since we do this to help, funding low interest rate loans may make a lot of sense. If I was counseling borrowers, I'd suggest to all to offer at least 3%. That costs $2.50 per thousand per month but would likely increase chances to get funded.
     
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