1 – Choose who you will support with your loan    

There are three types of products:                                                               

Microfinance institutions – they act as intermediary between you and the borrowers – village banks and individuals. MFIs disburse your money to the microentrepreneurs who are currently in need of funding.
 
Cooperatives – by paying the membership fee (usually around 26 EUR) you become a member of a cooperative which enables you to save together with the other members. According to your decision you can either invest one sum or periodically smaller amounts. As a member you have full voting right in general meeting, guaranteed interest income and shared dividends, in successful years. Loans without membership are also acceptable.
 
Individuals – you lend money to a chosen microentrepreneur.
 
If you are interested in becoming member of a cooperative or support a specific individual, please write to us to This email address is being protected from spambots. You need JavaScript enabled to view it.. If you are interested in supporting individuals and village groups of the specific MFI read on.

2 – Loan amount and maturity

The maturity is usually one year.
 
The minimum amount is 200 EUR.
 
We recommend to take into account the increased risk of lending to borrowers in developing countries and start with a regular lending of slowly increasing amounts rather than big amounts.

3 – Make your loan

Choose the specific product and press 'lend' button. Read about the product and confirm your choice. Read carefully the contract template and the standard terms and conditions, which are an inseparable part of the contract. Provided that you agree with the wording of the contract confirm the loan amount and register. The selected borrower has now up to 5 days from the date of receipt of the contract to accept it.

4 – Receive the signed contract and transfer the money 

By receiving the signed copy of the contract in your email, you have entered into the contractual relationship and can transfer the money via wire transfer or PayPal to the account of myELEN.com, the Marketing Agent. 
 
In case of MFIs the contracts are usually signed by electronic signature. In the case of individuals and cooperatives contracts are signed by hand.
 
Please note that provisions related to the actual granting of the loan are ineffective until the loan amount has been credited to the account of myELEN.com.

5 – Get repaid and lend again

When the borrower repays the loan myELEN.com transfers the principal and the interest directly to your bank account. And you can support another entrepreneur with a new loan.
 
MyELEN.com collects loans from individuals and send them to its partners approximately twice a month. The pooling mechanism reduces transaction costs which are at the cost of myELEN.com and its partner organizations as well as the exchange rate risk. Since we reduce our transfer costs by pooling, your repayment might be approximately up to three weeks delayed, counted from the due date specified in your contract.
 
As a thank you, you will receive a microfinancial certificate that demonstrates your support to poor people and regions to your colleagues, friends and family. 

6 – Is it possible to donate?

Yes, in such a case all future returns on these donations including principal will be re-invested in new businesses and a so called revolving fund will be created.

7 – Is it possible to lend/donate as a company?

Yes, this can bring publicity for your company on myELEN.com homepage with the only cost - the interest that you give up on invested loan. For more information regarding the incorporation of microfinance or microguarantees to your CSR strategy write to us to This email address is being protected from spambots. You need JavaScript enabled to view it..