Why your monthly deposits matter when you need a loan
In a Sacco, how much you can borrow is linked to how consistently you save. Understanding that link helps you plan ahead for your next big goal.
Unlike many lenders, a Sacco lends members' own pooled savings back to members. That is why your deposit history plays such an important part in your loan application.
Deposits set your borrowing power
Most Sacco loans are calculated as a multiple of your deposits. The more you have saved, and the longer you have saved consistently, the more you are likely to qualify for.
Consistency beats size
Regular monthly contributions show a track record of discipline. A member who saves a modest amount every month is often in a stronger position than one who deposits a large sum once and then stops.
Plan six months ahead
If you know you will need school fees, stock for your business or money for construction later in the year, increase your deposits now. By the time you apply, your limit will have grown with them.
Our loan officers can help you work out what you qualify for today and what you need to save to reach your target.
