Opportunity Fund reported Rick's first loan as fully repaid on October 20 before listing his second loan on October 31. The repayments should be reflected on his borrower profile in November when everything settles out.
Charmaine
I've heard from Kiva staff who say they believe Francisca Elizabeth has paid off her first loan entirely (although there is no such indication in the loan repayment details), and that I should contact them again after repayments on the 15th if it turns out her first loan is not fully repaid and closed out.
But now we have another second-loan funding for a successful US entrepreneur.
Rick took a
$5,000 two-year loan through Opportunity Fund via Kiva in Oct 2010 (disbursed in Sept 2010) which is shown as 49% paid off, but he is now returning to fund-raise (with his wife Alaycia) for a
new $10,000 two-year loan to expand into their second location. It sounds as if their business is doing very well, but couldn't we have some honest indicator of whether an entrepreneur paid off their first loan entirely before we consider funding another one?
I note that although the text of the second loan mentions that they took out a previous Kiva-raised loan through Opportunity Fund, it does not include any statement that the first loan is fully repaid (in fact, the text says, "With the excitement of the grand opening of their second location comes the need for more money ..." which makes me think that the first loan might not be paid off) nor does it include a link to the previous loan. It's not that hard to find the previous loan, but it would be much more considerate of lenders to include a link. Some MFIs are doing this already; surely Opportunity Fund could follow that practice (especially since they even mention a previous loan).
So, is this an add-on loan or a second loan following a fully-repaid loan which is not yet indicated as repaid?
--Diane.
