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Replying to @moneyacademyKE
Bank vs SACCO? Here's the truth they won't tell you:
Bank gives you a 2M loan, you pay back 3.2M. You're not buying a car, you're working for the bank. You pay for your car twice. Interest 18-20%, that's not a loan, that's a stranglehold.
SACCO gives you a 2M loan, you pay back 2.4M. Interest 12%, and your money is still yours. Dividend comes back to you. You build YOUR SACCO, not some bank billionaire.
Bank repossesses your car if you're late by one month. SACCO calls you for a meeting and asks what's wrong.
Here's the trick: Banks advertise everywhere, SACCOs don't have that budget. So Wanjiku walks into a bank thinking it's classy, when she's actually walking into a trap.
Fools think Bank is prestige. Smart people know SACCO is freedom.
Bank gives you a 2M loan, you pay back 3.2M. You're not buying a car, you're working for the bank. You pay for your car twice. Interest 18-20%, that's not a loan, that's a stranglehold.
SACCO gives you a 2M loan, you pay back 2.4M. Interest 12%, and your money is still yours. Dividend comes back to you. You build YOUR SACCO, not some bank billionaire.
Bank repossesses your car if you're late by one month. SACCO calls you for a meeting and asks what's wrong.
Here's the trick: Banks advertise everywhere, SACCOs don't have that budget. So Wanjiku walks into a bank thinking it's classy, when she's actually walking into a trap.
Fools think Bank is prestige. Smart people know SACCO is freedom.
