DesereTLoan connects online lenders to give micro loans to individuals and groups (presently) in Ghana who find it impossible to access traditional banking systems.

One hundred percent of loans lenders make go to these individuals and groups. Your loan is paid back fully within 6-12 months. You will be repaid monthly, as the repayments come in so you can relend, helping more people.

 

1. The Charitable Lender chooses a project or meets an entrepreneur borrower and takes a decision to make a loan in support of the micro entrepreneur’s business activity.

2. The Charitable Lender makes a humanitarian loan in increment of $20.00 as a contribution towards the total amount of money requested for. Or provide the full amount alone. 

3. The Entrepreneur Borrower receives the loan. To ensure that loans are promptly and fully paid, we rely on a network of volunteers who provide project management for our borrowers, ensure the smooth operation of borrower businesses and subsiquent100% repayment of loans.

These they do in addition to helping borrowers do the following:

• Understand difference between business and domestic activity.

• Put back profits in the business

• Keep   records of sales and expenses

• Budgeting

• saving

• seek out  for new opportunities for profit

4. Entrepreneur Borrower pays back 100% of the loan without interest after the loan term. And the Charitable lender's DeseretLoan account is credited with the repaid loan.

5. Charitable Lender re-lends the funds to another entrepreneur, may withdraw his money using a PayPal account or receives direct credit to his bank account,  or donate it to DesereTLoan. 

 

How you can get involved

• Make a loan                                 

• Share DesereTLoan with your family and friends                                   

• Work or volunteer with us

 DesereTLoan is absolutely safe.

 

The Loan Process

1.     Loan application

A potential borrower applies for a loan from a Deseret Cooperative Credit Union (Deseret co-op) office. An officer from Deseret co-op visits the potential borrower to evaluate his/her requirement. This evaluation includes a scrutiny of the economic and financial circumstances of the micro-entrepreneur, his/her income and expenditure expected, his/her personality and character, and perhaps the credit record. The loan officer then explains how DesereTLoan operates and inquires if the borrower agrees to be a "DesereTLoan entrepreneur." With his/her agreement, the loan officer collects his/her details, and takes the picture that will be available on the website if the loan is granted.

2.     Loan approval

Back to  Deseret co-op, the loan officer submits the loan application to the Credit Committee. The loan finally approved, the loan officer downloads the picture and the details of the project of the borrower in DesereTLoan system.

3.   Loan Posting on the DesereTLoan Website

The loan is then published on the website, to be financed by DesereTLoan lenders. 

4.     Funding

Once posted on the website, the loan can be financed by DesereTLoan lenders.  The loan will remain on the website for a limited period time.  If a loan expires before it has been fully funded, it will not be disbursed but continue to be renewed until it is fully funded.The loan would then be appropriately disbursed. 

6.    Repayment

An officer from Deseret  Cooperative Credit Union, visits the borrower regularly to collect loan repayments. DesereTLoan lenders will receive their funds in their DesereTLoan account. If the borrower has only partially repaid his loan, DesereTLoan together with Deseret Cooperative Credit Union agrees to cover the funds it has not (or will not) get.  Deseret Credit Cooperative  Union is indeed  the sole authority to evaluate and validate credits for micro-entrepreneurs.