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Law Capping interest rates
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Boris Boyka
#201 Posted : Thursday, August 04, 2016 10:24:30 AM
Rank: Veteran

Joined: 11/15/2013
Posts: 1,977
Location: Here
enyands wrote:
[quote=Boris Boyka]Wazua is a free repulic understanding each statement is key.
http://wazua.co.ke/forum.aspx?g=posts&t=31478[/quote]

Karibu back bb though your thread is long .don't know where to start from or where you Targetting

It's another view in the Sacco's vs Banks loans targeting any interested party.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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iris
#202 Posted : Thursday, August 04, 2016 10:59:49 AM
Rank: Member

Joined: 9/11/2014
Posts: 228
Location: Nairobi
MaichBlack wrote:
enyands wrote:
MaichBlack wrote:
enyands wrote:
Now this was the missing part of puzzle iv been looking for and found it

1 If I make a member deposit of 1m in 2015 Jan ,I'll expect a dividend of 110,000 in Dec 2015.

2 If I take a loan of 1m in 2016 IL be expected to pay an interest of 120,000 by Dec 2016

3 if I choose to tell them to use my dividend of last year 2015 (110,000) to pay my interest this year (120,000) ,all I'll do is make additional 10,000(roughly 900 sh every month) to take care of interest.
....
....
....

6 if I know I have a project coming in 2017 I'd rather deposit money in sacco of 1m 2016 and take a loan with sacco than deal with banks rate of 20-30% currently


This is just my thoughts

Wonders never seize!!! Explain to me like a 3 year old, why would you want to take a loan of 1 million and pay ANY AMOUNT OF INTEREST while you have 1 million in the same entity. Why not simply withdraw your 1 million - FOR FREE!!??


Well I want my 1m to remain there as a base if Incase I want 3m .you know you can get 3 times your deposit . The one million is just a hypethical example sir

But as per the example you are talking about getting 1 million while having a deposit of 1 million!!

And in any case, you can get your 1 million, 110,000/= dividend and the monthly payments you would be making deposit them as savings. You would still be back at 1 million (savings) without paying any interest and having pocketed the dividends!

That sounds like the typical hand-to-mouth approach that we excel at as a nation. So you would get the 1m and dividends today "cheaply", but what happens to your plans for tomorrow? If the one million cannot complete your project, then what is your next source of funds? Would it not be better to borrow the 1m cheaply from the sacco, stretch to pay while knowing that you can go back immediately when your project requires more funding?
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MaichBlack
#203 Posted : Thursday, August 04, 2016 11:46:29 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
iris wrote:
MaichBlack wrote:
enyands wrote:
MaichBlack wrote:
enyands wrote:
Now this was the missing part of puzzle iv been looking for and found it

1 If I make a member deposit of 1m in 2015 Jan ,I'll expect a dividend of 110,000 in Dec 2015.

2 If I take a loan of 1m in 2016 IL be expected to pay an interest of 120,000 by Dec 2016

3 if I choose to tell them to use my dividend of last year 2015 (110,000) to pay my interest this year (120,000) ,all I'll do is make additional 10,000(roughly 900 sh every month) to take care of interest.
....
....
....

6 if I know I have a project coming in 2017 I'd rather deposit money in sacco of 1m 2016 and take a loan with sacco than deal with banks rate of 20-30% currently


This is just my thoughts

Wonders never seize!!! Explain to me like a 3 year old, why would you want to take a loan of 1 million and pay ANY AMOUNT OF INTEREST while you have 1 million in the same entity. Why not simply withdraw your 1 million - FOR FREE!!??


Well I want my 1m to remain there as a base if Incase I want 3m .you know you can get 3 times your deposit . The one million is just a hypethical example sir

But as per the example you are talking about getting 1 million while having a deposit of 1 million!!

And in any case, you can get your 1 million, 110,000/= dividend and the monthly payments you would be making deposit them as savings. You would still be back at 1 million (savings) without paying any interest and having pocketed the dividends!

That sounds like the typical hand-to-mouth approach that we excel at as a nation. So you would get the 1m and dividends today "cheaply", but what happens to your plans for tomorrow? If the one million cannot complete your project, then what is your next source of funds? Would it not be better to borrow the 1m cheaply from the sacco, stretch to pay while knowing that you can go back immediately when your project requires more funding?

Read my post# 199 and read it slowly and carefully - especially the 2nd paragraph.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Swenani
#204 Posted : Friday, August 05, 2016 10:48:45 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
Boris Boyka wrote:
@Maichblack there is this idea tha says you need at least 6 Months of your net income as back up somewhere(whether payslip or business or both), Do you believe in it? If so where have you or do you advice that cash to be put?


For average Kenyans do you think the money in sacco is meant to be a cash cushion for 6 months savings or it is their ONLY savings and a means to obtain "cheap" loans?

No one is saying putting your money in a sacco is bad but we are arguing that getting a sacco loan is expensive as compared to a bank loan
If Obiero did it, Who Am I?
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Swenani
#205 Posted : Friday, August 05, 2016 10:51:45 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
iris wrote:
MaichBlack wrote:
enyands wrote:
MaichBlack wrote:
enyands wrote:
Now this was the missing part of puzzle iv been looking for and found it

1 If I make a member deposit of 1m in 2015 Jan ,I'll expect a dividend of 110,000 in Dec 2015.

2 If I take a loan of 1m in 2016 IL be expected to pay an interest of 120,000 by Dec 2016

3 if I choose to tell them to use my dividend of last year 2015 (110,000) to pay my interest this year (120,000) ,all I'll do is make additional 10,000(roughly 900 sh every month) to take care of interest.
....
....
....

6 if I know I have a project coming in 2017 I'd rather deposit money in sacco of 1m 2016 and take a loan with sacco than deal with banks rate of 20-30% currently


This is just my thoughts

Wonders never seize!!! Explain to me like a 3 year old, why would you want to take a loan of 1 million and pay ANY AMOUNT OF INTEREST while you have 1 million in the same entity. Why not simply withdraw your 1 million - FOR FREE!!??


Well I want my 1m to remain there as a base if Incase I want 3m .you know you can get 3 times your deposit . The one million is just a hypethical example sir

But as per the example you are talking about getting 1 million while having a deposit of 1 million!!

And in any case, you can get your 1 million, 110,000/= dividend and the monthly payments you would be making deposit them as savings. You would still be back at 1 million (savings) without paying any interest and having pocketed the dividends!

That sounds like the typical hand-to-mouth approach that we excel at as a nation. So you would get the 1m and dividends today "cheaply", but what happens to your plans for tomorrow? If the one million cannot complete your project, then what is your next source of funds? Would it not be better to borrow the 1m cheaply from the sacco, stretch to pay while knowing that you can go back immediately when your project requires more funding?


this is a skewed argument
If Obiero did it, Who Am I?
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The Great
#206 Posted : Friday, August 05, 2016 7:27:38 PM
Rank: Member

Joined: 9/9/2015
Posts: 233
If you can make money, you can borrow with the expectation of paying back with money you make in the future. I see @Maichblack's arguement but Im lost on @iris and @enyand's views. I thought saccos are for people with terrible credit ratings and no security.
"Buy when there's blood in the streets, even if the blood is your own."
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Angelica _ann
#207 Posted : Friday, August 05, 2016 8:20:53 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
The Great wrote:
I thought saccos are for people with terrible credit ratings and no security.

Isorite Sad Sad Sad
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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enyands
#208 Posted : Friday, August 05, 2016 8:37:47 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
The Great wrote:
If you can make money, you can borrow with the expectation of paying back with money you make in the future. I see @Maichblack's arguement but Im lost on @iris and @enyand's views. I thought saccos are for people with terrible credit ratings and no security.



Laughing out loudly Laughing out loudly . Credit ratings was introduced to kenya just the other day . I don't think before we had this credit ratings like the west do and our people used to get loans from saccos then. Now about security you are right .sacco security is your fellow member who have to be 2 . Iv done both sacco and bank and I prefer sacco more . This is just me...
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alma1
#209 Posted : Friday, August 05, 2016 10:42:17 PM
Rank: Elder

Joined: 9/19/2015
Posts: 2,871
Location: hapo
I don't know how much economics a common voter knows in Kenya.

But I'll say this...A gov't capping interest rates is not a capitalist gov't.

Now with that out of the way

The question becomes, why are interest rates high? In Kenya, its because the gov't is borrowing even to pay for t shirts.

If you're gov't is borrowing, your interest rates go up...

I don't know how simple that is yet, the voters are just about sijui uhuru, sijui raila stuff.

Listen

The gov't right now is borrowing at unprecendeted levels. So you interest rates are higher than normal.

If Uhuru signs such a silly bill, everyone will be broke within a year. Coz gov't borrows at 10 points, banks has to work on 14 and someone has to paid a salary.

So yes, Uhuru is right not signing the bill

But the interest rates are the fault of Uhuru...

Go figure.

Hardwood by the way that is what conservatism means. Uhuru would never be an MP in the Us simply because he's not a conservative...Every year gov't spending goes up in his administration. Means every year, interest rates go up for small businesses and corporates. 2000 jobs lost in banks in the past few years.

Gov't is not about emotions its about reality. The reality is the current gov't is confused about the economy and social issues.

They don't know why schools are being burnt...They don't understand why borrowing from China means that my taxes go up.

We are living in very dangerous times...

Your interest payment at more than the world aveage of 5 is a shylock loan. We all know about shylocks.

Anyway....Sorry, I don't supprt this gov't simpy because their economics doesn't make sense to me..You can't talk about capping interest rates yet we we have that thing called helb.

Help is legally approved to charge shylock rates..Ati you don't pay for a month you pay 5k..

Let's talk about mshwari, I can't even calculate the illegal interest rates this mshwari thing is about

Njunges sports pesa. They take money, make profits kill charities then sponsor hull city.

All legal...

Ati capping interst rates. That's not the issue. The issue is gov't borrowing willy nilly. And then gov't accepting shylocking as a business model.
Thieves are not good people. Tumeelewana?
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  | | Edit by user: Saturday, August 06, 2016 12:15 AM | Reason: Not specified
Lolest!
#210 Posted : Saturday, August 06, 2016 7:25:04 AM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
Angelica _ann wrote:
The Great wrote:
I thought saccos are for people with terrible credit ratings and no security.

Isorite Sad Sad Sad

Laughing out loudly Laughing out loudly
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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