Well I guess getting access to credit will with time become a challenge.I needed an emergency loan from my sacco of upto 150K.
They require this from me.
[ol]
[li]4 guarantors who have not self guaranteed themselves[/li][li]KRA Pin[/li][li]3 month bank statements(recent)[/li][li]Contract of employment show terms and conditions[/li][li]2 recent payslips[/li][li]Copy of ID[/li][li]For loan over 1M one need to have at least 7 guarantors[/li][/ol]
I looked for another option coz one of my 4 guarantor had self guaranteed himself.
Villagers just get a collateral and use it to get loan from the bank.
The rate at which people are defaulting and the conditions being introduced by saccos for one to qualify for a loan it’s just not worth it.
Which Sacco is this, but whatever the case, getting credit is not that easy nowadays except from KCB. KCB sales agent are still coming to work place to plead with us to take loans
Too little for all those requirements.I needed to handle and emergency somewhere so I just needed the right amount and not a big loan.I had guarantor with at least Kes 4M but because one had self guaranteed himself,I was disqualified.
Luckily i got that amount from a friend interest free even though I will definitely give him a 5% interest upon payment