Can a member use dividends or interest rebates to clear loan?

Can a member use dividends or interest rebates to clear loan?

Yes, by communicating the same in writing.

What are the acceptable securities for a Loan?

Guarantors Deposits in the SACCO Land –Title deed Vehicles Log-book

What are the rights of a Guarantor?

The right to obtain a copy of the letter of guarantee or contract of guarantee and any other documents in relation to the loan transaction. The right to the information on the outstanding balance of the account of the borrower with the…

Who is eligible to be a Guarantor?

Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed. A guarantor must be willing and able to repay the loan guaranteed if the borrower fails to pay.

What is the role of a Guarantor?

Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.

Can I get a loan if I don’t have a guarantor?

YES. If your account enables you to get a loan, then that account acts as a guarantor you can also use Title Deed or Logbook to secure a loan from Faidisha sacco

Does Interest Charged by the Sacco Fluctuate during the term of the Loan?

No. Any amendments on interest will affect new applications only

If I clear my loan before its time,will I be required for future interest?

No, you will save on interests.

Can we get Loans if we have a Chama or a Group?

YES. You can get a loan as an individual in the group where members guarantee you OR get a loan as a group for development purposes where you bring security.

Who is eligible to access Faidisha Sacco Credit Facilities?

Members admitted in accordance with the membership policy