Forum > Announcements > Borrowers can now accept partially funded loans
Up until now, loan applications that were only partially funded by the fundraising deadline have been expired. Starting today, borrowers have the option of accepting partially funded loans once the fundraising deadline is reached.
Under the previous system, lending funds would be tied up in partially funded loan applications for weeks, only to expire and be returned to the lenders. This was an inefficient use of loan capital, and a frustrating experience for lenders who wished to send funds to borrowers they had chosen. It also denied funding to borrowers who had succeeded in raising useful amounts. Many borrowers had loan applications repeatedly expired after raising amounts they would have liked to accept.
The intent of allowing borrowers to accept partially funded loans is to make more efficient use of lending capital, and to give borrowers control over whether to accept the amount raised.
Accepting a partially funded loan will not hurt a borrower's credit limit. The credit limit is based not on the most recent loan, but on the largest loan that has been repaid on time.
This is an experimental change. Whether it is continued depends on repayment performance of the partially funded loans, and the benefits to our members.
Thank you for the better changes you have made to Zidisha, with this new policy hopefully can cure the disappointment of members who had loan applications repeatedly expired, and can reduce the number of new loan applications that continue to accumulate in the wait-listed, this is a win-win solution for lenders and borrowers.
Translated by Google
Thanks very much director Julia, but I want to know if after accepting partially funded loan will you be able to apply for the remaining unfunded loan.
Per my little knowledge and understanding, I think you can't apply for the remaining unfunded loan my brother unless you finish paying off the partially accepted funds.
Several questions are coming up on what might be the problem with Zidisha. We the mentors have tried to explain what makes loans expired before being funded. As the Director has put it, demand for the loan is higher than supply hence most of the borrowers has to wait a little bit longer for their loans to be funded.
Madam Director, what do you think is to be done to curb this crisis?
Are most borrowers defaulting?
Otherwise thank you very much for coming up with a solution to at least bring down the doubts on the mind of most members.
This will be much better than having to repeat and repeat making new loan applications again .
it's time for the old FAQ to be updated by applying the change that gets better again
Thanks for that Julia. I hope it will help us. My loan just expired the other week and I applied again coz I have hope in you lenders. Am now told to wait until funds get available. Am just inqurering that for how long should I wait
As someone would say . Thanks our Dr Julia Kurnia .
nice idea :)
That will help to motivate both the lenders and the borrowers, thanks a lot for addressing my concern that i raised. I'm happy with that step you have taken madam director, God bless you.
Hi! That's great, its better to take half, than to wait for a full that's not already given. You know a bird flies away with what it had swallowed.
indeed it is a good idea. my question is, if someone accepts partially funded loan, how much is he/she supposed to repay back? is it the whole amount requested or that amount one receives?
If the borrower accept partial funded loan, the borrower will pay the partial amount that funded on this borrower loan
Thanks for this change!
Yes that is good for all of us thanks julia
Hi Julia our Director,
Thanks for your wise thought and am happy that you are always thinking of better ways of improving Zidisha!!! I most certainly second your idea as it would beat logic for a loan to be funded; then for some reasons, this loan expires only to be expired and the cycle is repeated. It is frustrating to both the lender and borrower and to Zidisha too.
To all Zidisha borrowers, let us all remember to be repaying our loans on time and diligently.
I've loved the way you do come up with new ways to better my Zidisha family. This is a noble idea, believe me. God bless the team, thanks.
Thanks for that changes.. I hope it will help many . My loan just expired the other week so I don't know whether the expired a mount will be disbursed to me or?..
wow. i love zidisha for their prompt quick solution to problems.i had no idea of what could be done to curb the increasing expiring of loan but i was shocked with that brilliant idea from director julia.keep up director and thanks for the relief.
Very grateful for the new move
This is very helpful change - even from Lender's point of view. It sure is frustrating to see that a project that I have contributed to fails to get completed funded. At times it comes tantalizingly close.
Will lenders see information about such partially funded loans being serviced by borrower?
Good idea Julia but can we also have an option for extension of loan funding period should incase a loan is not fully funded within the default (initial) period. This will enables borrowers who can still wait for extra days for the loan to be fully funded get their heart desire being fulfill.
Another good idea George. I wish it will be taken into consideration.
I support your idea George
Thank you for your concern,be blessed
That will be great!!God bless Zidisha.
Thats a good idea
The change is highly welcomed madam director.
Another move on it right direction, we pray it brings long term solution. Thank you
A good idea George
Let pray that it will implemented. It will really help bro.
It is well, thank you.
nice initiative madam Julia.
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