What are the best places to look for financing?

Denis Young

Denis Young

Elder Lister
There is this idea I have had all along but haven't had any liquid cash to actualize it, mistake or otherwise.

Funds are currently tied up in a 5 floor pigsty rental coming up in a couple of months.

I am considering financing and I was hoping veterans hapa wanaweza nipatia tips on the best places to enquire about said financing of about 600-800k. Best rates? Bank ama Sacco? Etc.

Lets make this a fruitful discussion.
 
kibinda nkoye1

kibinda nkoye1

Lister
If you are already in a sacco, its better to get your money from there. Fixed interest aspect and the fact that even though you have loan, your deposits will still earn you some interest.
 
Denis Young

Denis Young

Elder Lister
kibinda nkoye1 said:
If you are already in a sacco, its better to get your money from there. Fixed interest aspect and the fact that even though you have loan, your deposits will still earn you some interest.
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I am not in one at the moment unfortunately. I am told however that immediate family members are subject to benefits if your parents are already in the sacco. I will investigate further.
 
kibinda nkoye1

kibinda nkoye1

Lister
Denis Young said:
I am not in one at the moment unfortunately. I am told however that immediate family members are subject to benefits if your parents are already in the sacco. I will investigate further.
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Join one. Its never too late. I think Safaricom and Stima Sacco come out highly recommended.
 
Therapist

Therapist

Lister
Denis Young said:
There is this idea I have had all along but haven't had any liquid cash to actualize it, mistake or otherwise.

Funds are currently tied up in a 5 floor pigsty rental coming up in a couple of months.

I am considering financing and I was hoping veterans hapa wanaweza nipatia tips on the best places to enquire about said financing of about 600-800k. Best rates? Bank ama Sacco? Etc.

Lets make this a fruitful discussion.
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Trusted family... The rest of the options will fuck you over
 
1881

1881

Lister
go for sacco. i used a sacco to finance my car and plot and the rates were good. all paid off in 2017.
i'm with thitima so i can vouch for their friendliness.
 
Denis Young

Denis Young

Elder Lister
1881 said:
go for sacco. i used a sacco to finance my car and plot and the rates were good. all paid off in 2017.
i'm with thitima so i can vouch for their friendliness.
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Do you have any information on the amount they require you to hold in the sacco before they can allow you to take up financing?
 
Therapist

Therapist

Lister
Denis Young said:
I think one of the worst places to borrow money is family because if the business fails then what? You will destroy a perfectly good relationship with family members.
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You only borrow from family when 💯 sure of the Business. Else ukiwa na tashwishi don't even start the business
 
1881

1881

Lister
Denis Young said:
Do you have any information on the amount they require you to hold in the sacco before they can allow you to take up financing?
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at least 3 months of constant saving. and they give you 3 or 4 times your amount but you must have at least 4 guarantors.
else you can take 90% of your amount without guarantors.
issap2u
 
Denis Young

Denis Young

Elder Lister
1881 said:
at least 3 months of constant saving. and they give you 3 or 4 times your amount but you must have at least 4 guarantors.
else you can take 90% of your amount without guarantors.
issap2u
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Thanks for this. Just enquired futher on this. Loan interest is at 1% and very true on the part of guarantors.

I will be moving my saving over to the sacco early next year.

Asante sana mkubwa.
 
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