Legal Contract

Topics: Debt, Credit, Interest Pages: 3 (657 words) Published: January 10, 2013
Zidisha Microfinance Member Legal Contract

This is a legally binding contract between (Applicant Name) ____________________________________________

of Address ____________________________________________________________________________________

and National Identity Number ___________________________ and Zidisha Inc. (Zidisha), a nonprofit organization

located at 21900 Muirfield Circle #302, Sterling, Virginia 20164 United States.

I, (Applicant Name) ____________________________________________, confirm that I understand and agree to the following:

About Zidisha

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...
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