Midi
This loan is dedicated to borrowers with at least six month of experience. Minimum loan amount in Euro's is 2001 and maximum 5000 and payback period is 12 to 18 months respectively.
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Product Status
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Deleted
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Provider Name
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change2africa
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Administrator Name
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change2africa
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Country
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Tanzania
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Currency
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TZS
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Loan Amount (EUR)
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2001
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5000
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Investor Interest (%)
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2.00
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14.00
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Grace Period (month)
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0
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0
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Payback Period (month)
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12
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18
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Bidding Period (day)
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15
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45
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MyC4
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0.00%
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6.00%
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Provider
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5.00%
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6.50%
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Administrator
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2.00%
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2.00%
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Insurance Information:
No insurance on this product
Risk Management Information:
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Required interaction with the client prior loan decision:
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1)Will be meeting with customer for loan document clarification
2)The first customer visit on the site for reviewing of business facilities and customers residence.
3)Meeting with the customer for business and guarantor evaluation and feedback.
4)Unannounced customer visit on the business site.
5)Is the disbursement of the loan itself.
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Assessment of client’s affordability of the loan:
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1)Monthly profits of business including other household revenues and expenses should not exceed 70% of loan monthly repayment.
2)Loan not exceeding 100% of total assets.
3)Customer must not have other active loans and must have cleared successfully any past loans.
4)Customer must not have any bad credit history.
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Assessment of client’s stability:
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1)Minimum six months of income history
2)Must have lived in the same residence for more than one year.
3)Coherence at customer visits.
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Assessment of client’s reliability/character:
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1)Minimum two referees
2)Reference check with local government administrator
3)Reference check with other business near new client site.
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Securities taken for this loan (collateral, co-signers, etc)*
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1)One co-signer are required(Guarantor)
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Other incentives for timely repayment of loan:
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Change2africa will issue a credit history report if repayment record shows no delayed repayments. Successfully repayment on the first loan qualifies for a second and larger loan.
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* Disclaimer: Investors shall have no recourse to the security held in respect of any loan to Borrowers, nor have any recourse against MYC4, Loan Administrators or Providers for any default by Borrowers in their payment and repayment obligations.