Know ! Sacco Loans

saccoloans

What you need to know about SACCO Loans

  • SACCOs mostly lend to their members only. However in exceptional cases, a non member can directly access loans but they must be fully guaranteed by a member whose share equals the required security for the said loan.
  • SACCOs lend to members up to 3 times the value of the members savings.
  • SACCO loans mostly have a shorter repayment period of between a month and 12 months.
  • SACCOs are allowed to charge a maximum of 12% interest on loans they give out to members.
  • SACCO Loans are usually guaranteed by member savings in the lending SACCO.

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