SACCOs are supposed to be lending money against your savings and at times your guarantors' savings. Almost all SACCOs are doing this. Some give X3, X2, or x5 of your savings with them.
Some SACCOs are industry based e.g Mwalimu, police Stima, etc. Others are regional, therefore,
Some SACCOs are industry based e.g Mwalimu, police Stima, etc. Others are regional, therefore,
fewer complaints are expected from the operations.
Today I received a complaint here on Twitter: He was awarded a loan in Nov 2019, He's been paying 27k per month through check-off( salary) but after inquiring lately his balance is 984k. I decided to do my amortization.
Today I received a complaint here on Twitter: He was awarded a loan in Nov 2019, He's been paying 27k per month through check-off( salary) but after inquiring lately his balance is 984k. I decided to do my amortization.
Since he is paying via salary you don't expect him to default. From November 2019 to date is 34 months therefore his scheduled balance should be around 615k yet they are saying he owes 984k Look at the amortization schedule below. This is so unfortunate, #ExploitativeShylocks 
I have advised the victim to launch a report with @SASRA_ke since POLICE SACCO is regulated.
Note that the figures should be in Kenyan shillings it's only that this amortization software is always running in dollars.
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