Forum > Borrower Questions > My Credit Limit Forum Guidelines

  • May 13, 2018

    My current credit limit is very small for me
    Please can anyone tell me how to increase this limit? Because I'm done repaying the last loan that i took.
    Thank you.



  • Naomi Muthiga
    Nakuru, Kenya

    May 13, 2018

    I have the same question. My loan limit is a fraction of a dollar even after repaying on time. Please look into this. I understand the caution but the amount is still too low to be viable for investment.


    • Lender since 23 Jan 2015; Staff Member since 26 Mar 2015
      Laurie
      United States

      May 16, 2018

      The problem is that you didn't pay on time; you paid early.
      Please read here to understand why that is not advisable
      regarding a Zidisha loan: goyimei.info/forum-threa...
      (thread 1347, comment 4702)



  • Pauline Wamuchwa
    Eldoret, Kenya

    May 13, 2018

    Even mine is the same unless I pay earlier and that means that when I repay after two months, I will be given the same loan that I would have been paid without even a coin on top. Also in Kenya repayments are delaying to reflect to two days after repayments and is so scaring. Thanks


    • Lender since 23 Jan 2015; Staff Member since 26 Mar 2015
      Laurie
      United States

      May 16, 2018

      This is the reason why; please read:
      goyimei.info/forum-threa...
      (thread 1347, comment 4702)



  • Volunteer Mentor
    Darius Mukabwa
    Eldoret, Kenya

    May 13, 2018

    Stop your discouragement! In order for someone to have a credit limit increased, you must pay according to your repayment scheduled at a given time, some people keeps on complaining, and when they have been given larger amount, they end up defaulting, remember zidisha is an organization of which you have not banked any amount there to guaranty .


    Laurie likes this.
    • Lender since 23 Jan 2015; Staff Member since 26 Mar 2015
      Laurie
      United States

      May 16, 2018

      Correct, Darius, borrowers have to pay according to the payment schedule.

      Always keep in mind that regarding a Zidisha loan, there are only two things
      that go into the calculation of the on-time repayment rate, which are:
      (1) on-time remittances, and (2) late remittances.

      --> On-time helps you.

      --> Late hurts you.

      --> Early does nothing at all for you.

      That's why sometimes you see a new borrower with a fully repaid loan but there isn't any on-time repayment rate recorded. The borrower made all of the installment payments early, so an on-time repayment rate was not established (and the credit limit, therefore, will not increase much, if at all).

      --> Therefore, always try to send remittances on time... not late... and not early.



  • Volunteer Mentor
    Darius Mukabwa
    Eldoret, Kenya

    May 13, 2018

    Ismaila, you may also choose to pay MLF payment if you want large amount.


    Kusi Obodum likes this.
    • Volunteer Mentor

      May 14, 2018

      Thanks Darius for your comment. Please stop criticizing your colleagues because I have seen you started with 11 USD as your first loan. I have friends who have started with 0.12 USD which is equivalent to Kshs. 12. After repaying the system is allowing them to still apply for 0.12 USD. Do you think if they ask for a bit of a higher start like yours of 11 USD is bad? According to my knowledge the MLF was scrapped. Please allow them to receive an answer for their questions. Their questions are not addressed in a complaining way but they want to know is there a way to increase. Thanks and hope they can find an answer that will be beneficial to their business.


    • Joost
      Noord Brabant, Netherlands

      May 14, 2018

      No that isn’t possible anymore. The optional MLF payment doesn’t exist anymore. Please check the announcement section of this forum (goyimei.info/forums/4) for more info.


      Kusi Obodum likes this.
    • Volunteer Mentor
      Kusi Obodum
      Kumasi, Ghana

      May 16, 2018

      The MLF is no longer in existence. It has replaced by the mandatory "credit risk payments". The fact is that; if they want credit limit increase, then they must be faithful with payments of smaller loans.

      After all many people find a way to get higher credit limit and when they get the loan, they turned to default.
      Thanks!!!



  • Stephanie Ofosu Antwi
    Agona Swedru, Ghana

    May 15, 2018

    My credit limit remains 1$ after several repayments. This is not encouraging.its absolutely impossible to invest 1$into anything


    Kusi Obodum likes this.
    • Volunteer Mentor
      Kusi Obodum
      Kumasi, Ghana

      May 16, 2018

      Pay it on time and it will gradually increase.


    • Lender since 23 Jan 2015; Staff Member since 26 Mar 2015
      Laurie
      United States

      May 16, 2018

      Please read here to learn what you need to do differently in order to be able to increase your credit: goyimei.info/forum-threa... (thread 1347, comment 4702), or here: goyimei.info/forum-threa... (thread 2247, comment 8014)



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