SACCO loans DO NOT have hidden charges but Bank loans have A LOT OF HIDDEN CHARGES besides monthly charges. Some of these charges include:
- Insurance fee.
- Appraisal/ Processing Fee
- Account Maintenance Commission
- Accrued Interest Charges (Arrears Account)
- Late Remittance charges
- Premature Loan Clearance charges.
NOTE: Banks have yearly reappraisals to determine interests to charge. This implies that the interest rates will vary within the lifespan of the loan. As and when interests in the money market change (upwards), the interests on running loans are also adjusted (upwards) without giving notice to the loanee.
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