Company: Zidisha
Founded: 2008
Status: Active
Partner(s): None
Conditions for eligibility:
1. Be of good reputation and have the support of family, neighbors and a local community leader (such as a school principal or leader of a place of worship).
2. Not currently hold any debt or outstanding loans from other sources.
3. Have an active business or employment with sufficient income to ensure repayment of the loan in regular installments.
4. Have access to the Internet on a regular basis, and be able to fill out entrepreneur profile and application forms and respond to lender comments at the Zidisha website.
5. Hold an active personal Facebook account with extensive social connections.
6. Be able and committed to posting frequent updates regarding use of the loan and progress of the business on the Zidisha website.
7. Reside in a country where Zidisha currently operates.
Minimum loan amt: KSh 100
Maximum loan amt:
– Membership through invitation :KSh 10000
– Membership through non-invitation :Ksh 500
Repayment duration: weekly or monthly installments
Loan interest rate: None
1. Existence of a 5% service fee of the loan amount to cover cost of transferring and administering the loan.
2. One time membership fee of between Ksh 1000 – Ksh1200 to cover operation costs.
3. One time contribution fee of between Ksh1000 – Ksh3000 to fund loans and re-inburse lenders in the event of a default.
NOTE: These costs are paid ONLY if the new member succeeds in raising a loan and cover lifetime membership.
– Download & install Saida app from Google PlayStore
Loan disbursement mode: via Mpesa
Loan disbursement mode: via Mpesa
Loan repayment mode: via Mpesa
How it works
Loan increment eligibility:
– High positive feedback rating from lenders.
Loan default penalty:
– Disqualification from funding any new loans in the future.
– Blacklist by the local credit bureaus.
– Legal prosecution resulting in confiscation of property, fines and other legal penalties.
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