I have been reflecting on my finances and would like some input by those who have joined Saccos. Do you see any advantages compared to having the usual Member or KCB bank accounts? Was joining a Sacco a good financial decision you made in your life? Kindly give your opinion to a jamaa trying to plan for the future, maybe a family in three to four years.
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the only sacco i know is usiku sacco, afrojiri sacco and ufala sacco
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na ulevi Sacco
It seems most talkers cant relate
- Members get dividends from their shares, unlike banks.
- They give loan at an interest rate of 10%.
- The amount of loan that they can lender to you is 3 times the amount one has saved with them, with no collateral sjui title deeds.
- Asande sana kwa kuniskiliza
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but here one will need guarantors, sio?
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Yes, and they must be members of that sacco.
If you are just starting off my money wd be on sacco. usually products are tailor made plus no monkey business ya hidden costs. You freely negotiate.
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What I like most about Saccos is that they actually help you save as your borrowing is tied to the amount of money that you save which is a good habit.
This point here brought very heated debate in wazua a while back. The bone of contention being that banks do not necessarily demand that you must have saved with them prior to getting a loan.
Watu walifanya hadi complicated calculations hapo wengine wetu tukaona marudurudu. @Okiya, karibu kiti.
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Nipatie link ya hiyo discussion.
You want explanations of how the wazuan called impunity arrived at his calculations?
Nilijaribu kufuatilia nikapotea. I certainly wouldn’t mind, for the benefit of talkers as well.
Loan huwa at a good rate, but kizuizi ni garrantors hua ndio noma. Una ambi
Loan huwa at a good rate, but kizuizi ni garrantors kama wanne ndio upewe loan.
Advice: join sacco mkiwa na mafriends. If any of you anahitaji loan you guarantee each other.
Kile anasema is that in a sacco, you can borrow 3x your savings. This means that kama you want a loan of Kshs 3million, you need to have Kshs 1million with them. So technically you will be borrowing 2million but paying interest for 3 million
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Hawa marafiki wanaeza kuku dissapoint vinoma, achukue loan alafu ahepe… Mimi nimeona watu kadha wametendwa.
The best account naeza ambia mtu afungue ni old mutual
I think it is a wrong assumption. If your savings is 1M, then youll take a loan of 3M +your 1M savings. Totals sa ni 4M. Sasawa mkubwa?
4m is four times 1m, not 3.