A development loan provides you with access to a significant amount of capital that can be used for various purposes such as starting or expanding a business, financing education, or undertaking home improvements. This injection of funds can accelerate your personal or professional growth.
Development loans usually come with competitive interest rates, making them an affordable way to finance your projects or aspirations. The interest rates are typically lower compared to other forms of borrowing, which means you’ll pay less in interest over the loan term, ultimately saving you money.
Additionally, borrowing from your SACCO can enhance your credit history and standing within the cooperative. Responsible borrowing and timely repayments demonstrate your creditworthiness, potentially making it easier for you to access larger loans or other financial services in the future.