1. Zidisha is a lending community that offers high-achieving people the chance to raise loans limited only by each person’s record of responsible performance. Zidisha does not fund the loans itself. Rather, Zidisha manages a website, www.zidisha.org, that allows ordinary people all over the world (the lenders) to fund loans of their choice and to communicate directly with the borrowers.
2. Membership in Zidisha is highly selective, and submission of an application does not guarantee acceptance. If an applicant passes the review process and is approved for membership in Zidisha, he or she will have access to offer loan funding opportunities to Zidisha lenders using the Zidisha.org website.
3. First-time Zidisha loan sizes are very small, but maximum loan amounts increase each time a member repays a loan on time. Members may earn additional increases in maximum loan amounts by making 100% of monthly repayment installments on time, and by sharing detailed, frequent comments with lenders on the Zidisha.org website.
4. Zidisha does not charge any fee to create a member account or to apply for a loan. Zidisha deducts a new member registration fee from the disbursement of the first loan only after the first loan is funded, in accordance with the fee amounts specified in the Zidisha.org website. Interest rates are composed of a flat 5% fee to cover money transfer costs, plus the flat interest rate that each borrower chooses to offer to lenders.
5. Each Zidisha applicant and member has an account on the Zidisha.org website, with his/her own username and password. Members use their accounts to view current maximum loan sizes, post loan applications, check loan repayment balances, request rescheduling of their loan repayments if needed, and post comments to lenders. Page 1 of 2
Zidisha Microfinance Member Legal Contract
6. Any questions or complaints should be communicated to Zidisha by email to [email protected], or by text SMS message to 701-246-957.
Loan Agreement
I confirm that all information that has been submitted to Zidisha Microfinance through my member account in the Zidisha.org website is true and complete to the best of my knowledge. I agree to repay all loans granted by Zidisha Microfinance on time and in full according to the interest rates, repayment periods, grace periods, and other terms specified for each loan in the Zidisha.org website.
Disclosure of Credit History Information
In connection with this application and/or maintaining a credit facility with Zidisha Microfinance, Zidisha Microfinance and its authorized agents may carry out credit checks with a credit reference agency. In the event of the account going into default, my name and transaction details will be recorded with the credit reference agency.
This information may be used by other banks and financial institutions in assessing applications for credit by me, members of my household, supplementary account holders and members of their households and for occasional debt tracing and fraud prevention purposes. I agree that the financial institution may disclose details relating to my loan or credit account including details of my default in servicing my loan or credit account to any third party including credit reference agencies for the purpose of evaluating my credit worthiness or for any other lawful purpose. Publicity.
I agree that Zidisha Microfinance may publicize all information, including pictures, provided by me to Zidisha Microfinance, as well as all information relating to my credit history provided by third parties, on the Internet for the purposes of loan application evaluation, fundraising and general publicity.
Applicant Signature: ___________________________________________
Date: ________________________
Witness Name ________________________________________________________________________________
Witness Address _______________________________________________________________________________
Witness Signature: ____________________________________________
Date: ________________________
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