FAQs

Do I know who I fund every month?
Yes! Every month, you receive a nice email showing the people you’ve helped and their stories. You can always keep track of their progress via logging on to your dashboard on Milaap.

How much of my contribution goes to the borrower?
100%. To ensure that your entire loan amount reaches the end borrower, Milaap also absorbs the payment transaction charges (credit/debit card) on your recurring payment.

When will I be charged?
Lenders are charged on a monthly cycle: every 30 days, for a year. It keeps things simple and minimizes credit card fees.

Can I signup for more than one cause?
Ofcourse you can. Just repeat the process.

Are my loans tax deductible?
No. We have chosen to keep things simple to start. Since you’ll receive repayments from the borrowers benefiting from your loans, this isn’t considered as a tax deductible donation.

If 100% of the money goes to the end borrower, how does Milaap sustain itself?
Milaap charges a 5% fee on the loans disbursed to its field partners, in order to cover a fraction of its operating costs. We've also raised funds from private individuals and institutions to sustain our operations. Learn more about them here

How will I be repaid?

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.


How do I cancel once I've started lending?
We make it easy, with links to cancel from every monthly email. Once you cancel you won't be charged again. Even if you stop being a lender, you’ll continue to receive repayments and updates from the borrowers you’ve supported. You can also logon to your dashboard and choose the cancel/unsubscribe option.

Is Milaap an NGO?
Milaap is not an NGO. We are a mission-driven company where social impact and self-sustainability are our primary goals. In order to scale Milaap and reach as many families as possible, we've raised capital & resources from social investors to fund our technology, field operations and other long-term expenditures. Our goal is to be a self-sustainable organization.

Do borrowers pay interest on their loans?

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.


How can I get in touch with you

The fastest way to reach us is through Twitter or Facebook. Send a tweet to @milaapdotorg or post on our page https://www.facebook.com/milaap

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