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Should I let SACCO buy my Bank Loan?
Rank: Member Joined: 4/15/2009 Posts: 371
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Hi ALL,
I need your valued assistance.
I am servicing a bank loan of 280k at 14% interest. I find that the balance is reducing too slowly ( due to high interest). I have the option of letting my Company sacco buy the loan but will charge me 5% of the outstanding balance. The bank will aslo penalise me (5%) for early repayment. My advantage is that I will enjoy lower interest rate (12%) and smaller monthly repayments. This will leave me with more money to invest elsewhere.
Please help me before I blunder.
Men who kiss their wives in the morning live five years longer than those who don't
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Rank: Member Joined: 11/2/2006 Posts: 519
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14% is not so bad. I'd continue with the bank. I bet if you do your calculations using 280k the difference (if any) is not that much.
Bright and interesting people talk about ideas.
Those of average intelligence talk about things.
Stupid people talk about other people.
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Should I let SACCO buy my Bank Loan?
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