Kile nimejifunza so far about SACCO. please correct where sijaget facts corrects;

A Sacco allows you to save money and you can borrow three times of the money saved, so the amount you can borrow is pegged on your savings.

Saccos often have a predictable interest rate on the loans which for the most part is around 12% on reducing balance. This is lower than bank interest rate on loans. Saccos offer a wide variety of loan products so you may be able to access different loan products.

You can exit a Sacco and get your money less any loans you owe to the Sacco. If you choose to wait for the whole period, it takes about 60 days to get back your money for most Saccos. However, if you want it quick then you will be deducted a % of your savings usually around 5%, depending on the Sacco.

Management costs for Saccos are often lower especially the smaller ones because members elect the board from the members and maintain a lean sectrariat to run the day today operations of the Sacco.