As the borrower repays the loan, your account on Milaap.org will be credited with the amount each month and you will receive an email alert with your repayments. Login to your Milaap account and click on Withdraw Credits to make a withdrawal request to your bank account (for India and Singapore based lenders) or PayPal account (Other lenders). We'll process the payment and deposit the same within 10 to 14 working days.
You will also be able to re-lend your credits to other borrowers as you are repaid. This allows a small amount of money to make an impact on multiple families in all areas of our loan programs.
Yes, our field partners charge an interest to cover the cost of operations in selecting the borrowers, reaching out to them, support their progress and collect repayments on a monthly basis. As of December 2014, the average interest and fees charged by Milaap's field partners is about 9% on the loan amount.
For issues pertaining to loan payment, repayments and general queries, send an email to feedback [AT] milaap [DOT] org
You can also give us a call or just drop by one of our offices in in Dallas, Singapore or Bangalore