Forum > Borrower Questions > My Credit Limit
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.
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.
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)
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
This is the reason why; please read:
(thread 1347, comment 4702)
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 .
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.
Ismaila, you may also choose to pay MLF payment if you want large amount.
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.
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.
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.
My credit limit remains 1$ after several repayments. This is not encouraging.its absolutely impossible to invest 1$into anything
Pay it on time and it will gradually increase.
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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