![]() dollar appreciates more than 10% against the local currency, those losses will be passed onto lenders. ![]() "Partial" means that the Lending Partner has opted to cover losses only up to 10%. Lenders will not bear losses due to currency fluctuation "Yes" means the Lending Partner will cover any currency loss. Potential for currency exchange loss is noted on every loan profile under the loan details: By bearing this risk, lenders protect the partner and its borrowers from catastrophic currency devaluations and contribute to the sustainability of their operations. ![]() We offer some Lending Partners the option to protect themselves against currency fluctuations by choosing to pass on these losses to Kiva lenders. When lending internationally, the local currency in a borrower's country may lose some of its value compared to the US dollar - requiring the partner to use more of its local currency to repay Kiva in USD. No direct loans will be disbursed unless they fully fundraise on Kiva. Some Lending Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. By doing this, our Lending Partners assume the risk that, if the loan isn't funded by lenders, they will have to fund the loan without any funds from Kiva. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. In the case of partner loans, many of our Lending Partners choose to disburse loan funds before the loan request is posted on Kiva. Direct loans are always post-disbursed, and will be done only after the loan has fully fundraised on Kiva. Loan disbursal for loans on Kiva can happen anywhere from 30 days before to 90 days after the loan is posted on the Kiva website. The disbursed date indicates the date that the borrower receives their loan funds.
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