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Beware of Barclay Loans
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nanfor
#21 Posted : Tuesday, July 07, 2009 7:10:00 AM
Rank: Member

Joined: 3/6/2009
Posts: 172
@Njunge Thanks a lot.....I am trying to do serious research on financing models in Kenya and so far,I am begging my friends to keep away from banks as I just can't see any difference between them and shylocks......I remember it was the same problem with banks in the USA until community banking was allowed. In our case,its these saccos which can take up community banking......I would be very happy to hear of these saccos as to be honest their marketing is way short of expectations.....Can you tell me more of these saccos as I will be visiting them. I am more interested in saccos that allow non-employed,self employed and members from other professions.....Did you know that kenya women's trust charges over 25% for their loans....Shocking. even with donor free money they still want to fleece Kenyans....Please give me any leads to these saccos,I may be able to help even with their financing.
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mwenza
#22 Posted : Tuesday, July 07, 2009 7:35:00 AM
Rank: Elder

Joined: 4/22/2009
Posts: 2,863
SACCO LOANS?

Whereas sacco loans are preferable to bank loans,my only problem is that u end up paying interest on ua own money. E.g if u av saved,say 100k with ua sacco,u could borrow 300k and pay interest on the whole amount. Meanwhile the 300k is inclusive of ua own 100k. Why dont they devise a system whereby u pay interest on only 200k since the other 100k is surely ua money and the loan is guaranteed by ua guarantors?


NEVER HONOUR A PROMISE THAT PUTS YOU AT A DISADVANTAGE!!!
IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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Njunge
#23 Posted : Tuesday, July 07, 2009 7:48:00 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
@Mwenza,

Damn.....!!...C'moooon dear.You don't believe what you just posted.........If you had a 100K in barclays and you secured a loan of 300K,would they charge interest on the amount less your savings?


Yombo dhier....!!
Nothing great was ever achieved without enthusiasm.
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niando
#24 Posted : Tuesday, July 07, 2009 8:01:00 AM
Rank: Member

Joined: 6/5/2008
Posts: 174
Again,I would recommend Sacco .The interest rate on My Sacco,Mahasibu Sacco is 12% P.a.

I joined it after being recommended by Sk members.

I'm just about to destroy my barclays credit card which now has zero balance.I was forced to pay (874 ) in interest to access Kshs 7000/= despite paying all the dues before due date.

With 7000 in my sacco,I would have accesed 21,000/= and paid interest of only 210 /= in that month

This illustrates that there is a very thin line between kenyan banking and shylocking.

be wary of bank loans and to be particular,Barclay loans.
For bookkeeping and bank loan interest recalculation try us:niando.becia@gmail.com
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Njunge
#25 Posted : Tuesday, July 07, 2009 8:56:00 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
@Niando,

Does your Sacco have an advancing scheme?......i.e short term lending?.Check out their terms.Here lies the perfect weapon for those costly credit cards..........Tamu sana.


Yombo dhier....!!
Nothing great was ever achieved without enthusiasm.
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mwenza
#26 Posted : Tuesday, July 07, 2009 9:07:00 AM
Rank: Elder

Joined: 4/22/2009
Posts: 2,863
@ Njung'e.....The 100k in my BBK a/c will be accessible to me anytime so i wont pay interest on it and after i get the 300k loan i will effectively have 400k. However the 100k in my SACCO will be in form of shares therefore inaccessible to me. So the 300k sacco loan will effectively remain 300k and my shares worth 100k is part of the loan and will therefore pay interest on it......Am i communicating???

NEVER HONOUR A PROMISE THAT PUTS YOU AT A DISADVANTAGE!!!
IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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Njunge
#27 Posted : Tuesday, July 07, 2009 9:28:00 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
@Mwenza,

Stop there.........!!.For the 300K bank loan,there has to be a collateral of a similar or higher figure hanging on the wall of the credit manager's office. (thanks God they don't demand balls).........In a Sacco,you only require two signatures.


Yombo dhier....!!
Nothing great was ever achieved without enthusiasm.
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extrablessed
#28 Posted : Tuesday, July 07, 2009 9:32:00 AM
Rank: Member

Joined: 7/28/2007
Posts: 290
Location: Nairobi
@Mwenza,little knowledge is much more dangerous than no knowledge at all.

Facts:

1. The sacco deposit/saving is your money which you recover when you decide to quite the sacco. It is the amount that earns you dividend (in many saccos);

2. The deposit amount is used as security and to gauge the max amount you can borrow. Many sacco's will lend x3.

3 The interest you pay is quite predictable and no hidden 'small prints' to surprise you at a later date. A good portion of the interest you pay will come back to you in form of dividends.

These said,sacco loan is the most predictable,transparent and almost 'zero-cost borrowing' when dividends are factored in.




Life is worth living cos God planned it to be so.
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kivairu
#29 Posted : Tuesday, July 07, 2009 9:33:00 AM
Rank: Member

Joined: 3/5/2008
Posts: 532
Location: Nairobi
Hi SK...can anyone recommend a sacco where one can save money and later take loans at reasonable interest rates? i dont want to be fleeced by banks again.

Fear not says the Lord

Strive not to be a success, but rather to be of value. –Albert Einstein.
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dijkstra
#30 Posted : Tuesday, July 07, 2009 9:57:00 AM
Rank: Member

Joined: 11/28/2006
Posts: 91
nice stuff; &lt;br&gt;&lt;br&gt;
now,i have a 4-yr loan with stanchart and I have re-paid for 2 years already..

Can i spread the remaining balance so that it becomes a 4-yr loan,without having to top up,and with no or minimal expenses? any trick out there?

this would incur less interest per month...

then i would accelerate the payments by paying lumpsums every month.

none
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