The Sacco Quarter 3 has been a Beehive of activities. The Sacco has been running concurrent promotions both quick fix products and consolidation promotion running for a span of 2 months that is meant to assist members qualify for big loans with big benefits because of inadequate deposits . Many members fail to qualify for big loans because of inadequate deposits. Sacco is ready to lend up to 10 Million but very few can access this because of deposits/savings.
We came up with this solution to enable businesses grow and also enable members savings grow steadfastly as well as increase their rebate earnings at the end of the year. The promotion runs for only 2 months ending Mid-September 2017. Members are advised to take advantage to consolidate all their loans including Bank loans and pay the Sacco at reduced interest and transferring the business to the Sacco.
In this day and age where credit has become hard to get and at the same time expensive, leveraging on Sacco products will go a long way in supporting growth of our members economically. We have introduced a new product- Miradi loan that will support members’ big projects and accelerate growth. The loan product will be maximum 30M at 1% p.m. and we shall allow our members to use collateral as the security for the loan or Guarantors.
When we are issuing loans, we look at the following: Checklist to have your loan approved:
CRB Listing: We ensure that your credit history is in order as we do a background check on your credit history
Consistency in Payments: Members who service their loans faithfully are highly regarded and with
Ability to pay: Meeting the minimum threshold of saving for atleast 6 months and your business or payslip being able to finance the loan. Business Men & Women should also submit their certified Bank statements for the last 6 months to
1/3rd Rule: We also ensure that we critically follow the employment act that an employee should not go home below a third of their basic salary.