Question
Highlight four benefits to a member of a savings and credit cooperative society.
Answer
- Enables one to save part of their income for future use
- One is given loans based on their contributions times a factor to improve their welfare.
- He/she will be paid dividends based of their contribution from the profit made by the society
- He/she will be educated on co-operative activities and how to utilize the loans they receive
- One's contributions and loans are insured hence if a member dies his contributions are doubled and their loans will be cancelled.
- Receives interest on their capital from profits made for their future use.
- Low interest will be charged on loans thus many members can afford to pay
- It is easy to get loans since they don't require security and many legal procedures - mainly guarantors (who are members). - Enjoying fosa facilities
- Assist members to acquire properties at fare rates through credit.
- One is given loans based on their contributions times a factor to improve their welfare.
- He/she will be paid dividends based of their contribution from the profit made by the society
- He/she will be educated on co-operative activities and how to utilize the loans they receive
- One's contributions and loans are insured hence if a member dies his contributions are doubled and their loans will be cancelled.
- Receives interest on their capital from profits made for their future use.
- Low interest will be charged on loans thus many members can afford to pay
- It is easy to get loans since they don't require security and many legal procedures - mainly guarantors (who are members). - Enjoying fosa facilities
- Assist members to acquire properties at fare rates through credit.
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