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SACCO LOANS
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jerry
#11 Posted : Monday, September 07, 2009 12:14:00 PM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
We also need to know what happens in other saccos. You don't belong to one,do u? Are you aware that saccos are charging loan appraisal fees. Mine charges 1% which I don't think is fair.

Crocodile tears: If you can't assist me when I'm alive en you attend my funeral.
The opposite of courage is not cowardice, it's conformity.
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Mkimwa
#12 Posted : Monday, September 07, 2009 1:22:00 PM
Rank: Member

Joined: 10/26/2008
Posts: 380
@Poggy..

Here is the Sacco Vs Bank Loan thread.

http://www.stockskenya.c...x?stk=1005&top=16091
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Layman
#13 Posted : Tuesday, September 08, 2009 7:58:00 AM
Rank: Member

Joined: 9/21/2006
Posts: 422
Location: Nairobi
Simple,since you have used kshs 100,000/= as security for the loan of that other members,you will need your loan of 300k to be fully guaranteed by other members of the sacco only that the person whose loan you had guaranteed cannot guarantee your loan.
The future is already here!
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AlphDoti
#14 Posted : Tuesday, September 08, 2009 12:30:00 PM
Rank: Elder

Joined: 6/20/2008
Posts: 6,275
Location: Kenya
My SACCO does not work like that.
I can quarantee other members and still take a loan 3 times my share value.

AKS
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Poggie
#15 Posted : Tuesday, September 08, 2009 12:36:00 PM
Rank: Member

Joined: 10/27/2008
Posts: 94
@Mkimwa .. Thanks alot buddy. Regards.

As a man thinketh so is he
As A Man Thinketh So is He
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ji
#16 Posted : Wednesday, September 09, 2009 10:42:00 AM
Rank: Member

Joined: 7/7/2006
Posts: 51
@Correct,You rendered a splendid discussion on this. the key-points are Saccos apply the guarantor rule to: 1> Secure the financial future of the institution,2> Limit the number of loan applications hence run on a healthy cash-flow,3> Build trust among members by instilling 'the good debtor' moral.

'I never see what has been done; I only see what remains to be done.'
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kingz
#17 Posted : Thursday, September 10, 2009 9:24:00 AM
Rank: Member

Joined: 7/22/2008
Posts: 16
many saccos will charge a 12% interest rate p.a.

this is very attractive till you discover that around 33% of the monies is actually your savings.

my option-quit the sacco,get a third of the money you needed and source the 2/3 from da bnks.

my last beef with my sacco is the long notice period the need before they can release your cash if you applied to quit;i mean 4 months notice is too long.


pata potea
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McReggae
#18 Posted : Thursday, September 10, 2009 9:49:00 AM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
Saccos have really been exposed here at SK.........the only time when they are preferred I think is in case of emergency!!!!

The chief value of money lies in the fact that one lives in a world in which it is overestimated.
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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mozenrat
#19 Posted : Thursday, September 10, 2009 9:49:00 AM
Rank: Veteran

Joined: 5/18/2008
Posts: 796
@Kingz....

This discussion has been had...

As you factor in the 33% they are holding (which means that they are actually charging 18-19% just like the bank) please factor in the fact they PAY YOU back about 8% on the amount you've contributed which the Banks don't...
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Layman
#20 Posted : Thursday, September 10, 2009 10:20:00 AM
Rank: Member

Joined: 9/21/2006
Posts: 422
Location: Nairobi
joining saccos is optional,Belonging to a sacco is optional. Taking a sacco loan is optional. Withdrawing from the sacco is your right. Notice periods are clearly indicated in their By-Laws,each sacco has its notice period,like in my sacco the notice period is 30 days. Did you bother to read the bylaws before you joined? Stop complaining and make your decision. Are you categozied as a minor in the republic of kenya????? then we could understand!

The future is already here!
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