fundraising
MyFi is supported by many individuals just like you. Our fundraisers bring our community together, in all forms they might take.
OUR LOAN PROCESS
Partnerships
Partnerships are integral to MyFi's functionality. MyFi partners with non-profit organizations that have intimate connections with communities in developing communities. These individuals act as middlemen for MyFi as they inform their communities of our services, receive loan applications, and disseminate loans to borrowers.
Loan Applications
MyFi's applications team filters through each loan application, narrowing down business models and individuals to become potential borrowers. Each loan applicant must specify the item (or items) they plan to purchase with our support. MyFi requires borrowers to list the items they plan to purchase with the funds to ensure the sustainability of our loans. Additionally, loan applicants must submit a peer recommendation when applying for loans to assure us of their responsibility.
Transferring Funds
MyFi's Nonprofit partners provide the group with one or more point-people, individuals that work for our partners and are on the ground in developing countries. We wire currency to the point-people in their respective currencies. The point-people then deposit these funds and disseminate them to MyFi's nominated borrowers.
RECEIVING RETURNS
INSTILLING ACCOUNTABILITY
Each respective loan is divided into repayment goal segments. Borrowers are heavily urged to repay a fraction of their loan at the end of a specified period, removing the burden of having to repay a large sum on a single date. This system keeps borrowers on track to meet their repayment goals, while also providing room for error; if a borrower cannot make one payment the money owed just carries over into the following segment.
REPAYMENT COLLECTION
Each loan segment repayment is collected by our nonprofit partners. Once these funds are collected, presumably in cash, the point-person person deposits the money into their own bank account and wires the sum back to MyFi's fund.