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Three Reasons Why More Kenyan Youths Should Join SACCOS

Unemployment is at its highest peaks in the country and many youths have been left stranded unsure of what to do with their time as well as the little money they make.

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Getting a decent job has become very hard and this means that many more youths will venture into businesses which are more promising.

However, starting a business requires capital which is hard to come by if you come from a background that cannot afford to front you a loan to start a hustle.

SACCOs is an abbreviation for Savings and Credit Co-Operative Society. These members join the SACCOs to put their savings together and provide loans to their own members at reasonable rates.

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The interest which is charged on the loans is used to cover the cost of the administration and the interest cost on savings

Here then, are reasons why joining a SACCO would be the best course of action;

Savings

SACCOS provide the opportunity for the members to save however little of the money they make.

Saving some of your income is important in the long run as many people nowadays are unable to save even a shilling in their accounts.

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Loans

After you have saved some amount of money, you can be able to borrow from the facility a loan that is three times the amount that you have saved.

This is why it's important to invest in a SACCO because if you want to start a business, you can get an affordable loan.

Low Interest on Loans Taken

The SACCOS charge a minimum amount of interest on the loans that they front to their members and this is what makes them even better.

Unlike banks where the interest rates are high and you need guarantors to be given a loan, SACCOS are way easier to go by.

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So, these three reasons are compelling enough if you're a youth to join a SACCO that is near you.

Do due diligence before you choose the kind of sacco that you can join and this will make your future a little brighter.

Content created and supplied by: Sonofbatman (via Opera News )

Kenyan SACCO SACCOS Savings and Credit Co-Operative

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