This is the text we currently display in that page:
You can propose any interest rate between 5% and 30%. The first 5% goes to Zidisha to cover money transfer fees, and anything above that goes to lenders. Lenders who find the proposed interest rate reasonable can choose to fund the loan at or below your proposed interest rate.
In addition, new applicants who succeed in raising a loan pay a one-time registration fee, which is deducted at the time the first loan is disbursed.
View current registration fees
"View current registration fees" displays a modal box with the registration fees applied in local currency in each borrower's country. (These are currently about $12 in Kenya and Burkina Faso, and zero in the other countries in which Zidisha operates.)
Our loan application form does provide a cost calculator to borrowers, though it does not use the term APR. The loan application form works as follows:
1. The applicant specifies the amount he/she would like to borrow, and the combined interest and fee rate he/she would like to offer.
2. The applicant specifies the local currency amount he/she prefer to pay each week or month. (Our website advises selecting the largest installment amount one can comfortably pay in order to minimize interest cost.)
3. The applicant chooses the day of the week or month he/she would like to make payments.
4. Based on this, our site generates a display of the local currency principal and fee/interest amounts that will be due, along with a projected repayment schedule.
5. The applicant can go back and modify the proposed loan parameters until he/she is satisfied with the cost and repayment schedule displayed, and can then publish the loan application on our website.
6. Lenders can fund the loan at rates between zero and the applicant's offered rates. In practice, many lenders opt to fund loans at low or zero interest, such that most applicants receive the loans at lower interest than what they had proposed.