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Beware of Barclay Loans
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Layman
#121 Posted : Wednesday, October 26, 2011 11:09:12 AM
Rank: Member

Joined: 9/21/2006
Posts: 422
Location: Nairobi
mozenrat wrote:

The Loan-"giving" Deposit-taking ones are no longer allowed to go into investments???? and have to establish separate Investment Saccos and I have to save in two different vehicles to gain from both worlds???

Pray Pray


That statement is wrong.
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mwenza
#122 Posted : Wednesday, October 26, 2011 2:16:42 PM
Rank: Elder

Joined: 4/22/2009
Posts: 2,863
Shak wrote:
Remembered this informative discussion and thot i'd put it out there for those who missed it


Thanks @Shak this is one of those threads I will never forget in a hurry.

Initially its only @Mozenrat and @Mwenza who could see the not so obvious about sacco loans.

I must also confess that this was my maiden argument in sk/wazua.
IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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Maitu
#123 Posted : Monday, October 31, 2011 10:31:20 AM
Rank: New-farer

Joined: 5/20/2011
Posts: 67
Location: Nairobi
I have personally taken a coupla loans with SC and trust me,there are no hidden costs. The company i workd for negotiated a lower rate for us since they are our custodians. So far so good!
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'user'
#124 Posted : Monday, October 31, 2011 8:09:59 PM
Rank: Veteran

Joined: 12/3/2010
Posts: 1,141
Location: Londokwe
with cbk mpc rates knee jerk reactions sacco loans win the day
2012 is here.Kenya is Ours.Be Part of The Peace Keeping Mission To Protect Our Motherland.Say No To Violence and Tribal Hatred .If you can read this,wewe ni mtu amesoma, usifikirie kama mtu hajaenda shule .Ni Hayo Tu
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mozenrat
#125 Posted : Monday, October 31, 2011 9:14:47 PM
Rank: Veteran

Joined: 5/18/2008
Posts: 796
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%
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kiterunner
#126 Posted : Tuesday, November 01, 2011 8:55:27 AM
Rank: Member

Joined: 7/9/2011
Posts: 730
Location: Nairobi
Many thanks for bringing this up, I learnt about saccos on Wazua and have since joined Mhasibu. Kudos for a great community.

The Islamic banking products were not explained in earlier posts, would someone inform us on them and if they are available to non-muslims.
our goals are best achieved indirectly
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  | | Edit by user: Tuesday, November 01, 2011 8:56 AM | Reason: Not specified
'user'
#127 Posted : Tuesday, November 01, 2011 8:57:57 AM
Rank: Veteran

Joined: 12/3/2010
Posts: 1,141
Location: Londokwe
mozenrat wrote:
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%


Which sacco is that ? I thought most if not all saccos charge between 0.5-1% per month .Yours is a first /record .Move!!!!!



2012 is here.Kenya is Ours.Be Part of The Peace Keeping Mission To Protect Our Motherland.Say No To Violence and Tribal Hatred .If you can read this,wewe ni mtu amesoma, usifikirie kama mtu hajaenda shule .Ni Hayo Tu
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TUPAC
#128 Posted : Tuesday, November 01, 2011 9:31:48 AM
Rank: Member

Joined: 12/8/2009
Posts: 274
Location: Ltktk
'user' wrote:
mozenrat wrote:
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%


Which sacco is that ? I thought most if not all saccos charge between 0.5-1% per month .Yours is a first /record .Move!!!!!




most saccos charge 1 per cent per month on reducing balance on 'normal' loans. that translates to around 6.3 percent per annum.by far better than banks. there are also other loans in the same sacco that may be more than 1 percent interest rate. depaends on ones need. like my sacco offers loan from 1.0 to 1.45 percent per month on reducing balance.
...things fall apart...the centre cannot hold..mere anarchy is loosed upon the world...w b yeats
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Tebes
#129 Posted : Thursday, November 03, 2011 4:54:12 PM
Rank: Elder

Joined: 11/26/2008
Posts: 2,097
TUPAC wrote:
'user' wrote:
mozenrat wrote:
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%


Which sacco is that ? I thought most if not all saccos charge between 0.5-1% per month .Yours is a first /record .Move!!!!!




most saccos charge 1 per cent per month on reducing balance on 'normal' loans. that translates to around 6.3 percent per annum.by far better than banks. there are also other loans in the same sacco that may be more than 1 percent interest rate. depaends on ones need. like my sacco offers loan from 1.0 to 1.45 percent per month on reducing balance.



How does 1% per month rate translate to 6.3% rate per annum? Last I heard there were 12 months in one calender monthsmile
"Never regret, if its good, its wonderful. If its bad, its experience."
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TUPAC
#130 Posted : Thursday, November 03, 2011 5:10:17 PM
Rank: Member

Joined: 12/8/2009
Posts: 274
Location: Ltktk
TUPAC wrote:
'user' wrote:
mozenrat wrote:
'user' wrote:
with cbk mpc rates knee jerk reactions sacco loans win the day



Really?? Our Sacco is now charging 2% per month... That 24% per annum!!!! my bank is offering the same at a employer negotiated 16%


Which sacco is that ? I thought most if not all saccos charge between 0.5-1% per month .Yours is a first /record .Move!!!!!




most saccos charge 1 per cent per month on reducing balance on 'normal' loans. that translates to around 6.3 percent per annum.by far better than banks. there are also other loans in the same sacco that may be more than 1 percent interest rate. depaends on ones need. like my sacco offers loan from 1.0 to 1.45 percent per month on reducing balance.

its 6.3 per cent per annum coz its on reducing balance.that is interest is charged on the remaining loan balance per month until you repay the whole loan. so if you calculate the annual rate using the total interest you pay over the duration of the loan, then thats the rate you get!! unbelievable but true. if you belong to a sacco then that is the rate you pay.
...things fall apart...the centre cannot hold..mere anarchy is loosed upon the world...w b yeats
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