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akowally
#1 Posted : Thursday, September 22, 2011 10:56:58 AM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
Hi Wazuans, skerians or whatever you call yourselves these days.

Feels refreshing to be back. I am seeing some of the old dogs are still here having a great time.

Been busy setting up an online business which is now at its feet.

I need some advice on how I can access credit from banks. Being online I just work from home and get paid through PayPal or GAF (Freelancer.com payment system). Does anyone know how I can access a loan with this kind of business.

Thanks.
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Impunity
#2 Posted : Thursday, September 22, 2011 4:24:51 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,325
Location: Masada
What is the business?
Give the webiste we chambua.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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akowally
#3 Posted : Thursday, September 22, 2011 5:06:38 PM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
www.freelancer.com
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wazua
#4 Posted : Thursday, September 22, 2011 5:14:09 PM
Rank: Administration


Joined: 11/19/2009
Posts: 679
Dear @akowally,

Welcome back and don't journey for so long next time. Home is always best.

The Wazua spirit
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Ustadh Ongige
#5 Posted : Thursday, September 22, 2011 5:19:34 PM
Rank: New-farer


Joined: 6/27/2011
Posts: 18
Location: Nairobi
All banks require some evidence of a steady income stream before they are forthcoming. I would advise you to join a SACCO as their lending terms are better for a business that is coming up. Have you also tried to register with odesk.com / elance.com? I also freelance and I found out the pay is way better with these alternatives. All the best.
Look unto me, and be ye saved, all the ends of the earth: for I am God, and there is none else.
Isaiah 45:22
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muganda
#6 Posted : Thursday, September 22, 2011 5:23:21 PM
Rank: Elder


Joined: 9/15/2006
Posts: 3,905
www.myC4.com
EUR 1,000 to 10,000
...if you make a strong case...
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akowally
#7 Posted : Thursday, September 22, 2011 9:59:14 PM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
@Wazua Thanks for the warm welcome.

@Ongige I'll actually go for your option of joining a Sacco, any advise on the good ones? The business is picking well actually.

@muganda I see you still have those great insights you used to have. No wonder you are an elder now. I'll try that out. Thanks.
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akowally
#8 Posted : Thursday, September 22, 2011 10:04:21 PM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
@Ongige

Actually tried all i.e. odesk and elance. I have profiles with them still. I guess God had my favor on freelancer because if you hear the figures I am getting in a month you'll be amazed.
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AmHere
#9 Posted : Friday, September 23, 2011 9:33:02 AM
Rank: Member


Joined: 7/7/2009
Posts: 93
Freelancer is ok until they start suspending your account for obscure reasons. You will also find that their support and customer service guys know less about their own system than you do. But other than that, you can make some decent money.


akowally wrote:
@Ongige

Actually tried all i.e. odesk and elance. I have profiles with them still. I guess God had my favor on freelancer because if you hear the figures I am getting in a month you'll be amazed.

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selah
#10 Posted : Friday, September 23, 2011 11:23:25 AM
Rank: Elder


Joined: 10/13/2009
Posts: 1,950
Location: in kenya
@Akowally its refreshing to see the green posting once again.

About credit I think if you are earning good money you should open an account with Equity,KCB or Family bank make a consistent deposit for at least 3 months and try to build a rapport with the manager of the branch it will be easy for you to get a loan from them (talking from experience)

When it comes to sacco the tricky part is they will want a collateral for security or you raise 10 guarantors for a sum which in most cases is 3times your savings.

There are other small financial institutions like faulu,realpeople ,smep who offer hustle free Loans but you will have to pay high interest rates.

Finally Chase bank in conjunction with enablis has a program that supports entrepreneurs howthis works you can either go directly to chase bank and a relationship officer will guide you thru or you can go thru Enablis which actually can offer you a loan guarantee of upto 50% if they see the potential of your business.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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Lolest!
#11 Posted : Friday, September 23, 2011 11:55:53 AM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
SACCOs require 6 guarantors not 10. The tricky part is getting the 6 for big amounts of money
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mwenza
#12 Posted : Sunday, September 25, 2011 12:16:58 PM
Rank: Elder


Joined: 4/22/2009
Posts: 2,863
Lolest! wrote:
SACCOs require 6 guarantors not 10. The tricky part is getting the 6 for big amounts of money



Thought 3 guarantors were adequate.
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bird_man
#13 Posted : Sunday, September 25, 2011 5:12:35 PM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
There is no fixed number of guarantors for sacco loans.The simple rule used is that the shares(savings) of your guarantors should be enough to cover your loan in case of default.This could be 1,4,6 or even 10 guarantors.
Formally employed people often live their employers' dream & forget about their own.
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akowally
#14 Posted : Sunday, September 25, 2011 11:31:27 PM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
Looking at all the comments, then Saccos seem to be good. Please recommend some good saccos. I need to join this week.

@Amhere
I got that suspension once then some good insight for a client so no other suspension since. In fact the good thing is that there are great potential long term clients there. Don't know much about kina Odesk just that I haven't seen anyone making much money from them.

@Selah
Great to see you too. How you doing. Thought of the banking option many times but when it comes to loans I try to keep off the banks. I'll check out the Faulus and the like. I especially love this Chase bank option. I'll go check it out and give you feedback.

@Lolest!
Interesting name. Anyway yeah, tricky to get the guys for big amounts. My mother the other day together with six other guys were having a hard time repaying a defaulter's loan.

@mwenza
I think @ bird_man nailed it. Good to see you're still around. Hope all is well with you.

@bird_man
Vipi buda...Thanks for the contribution.

I need this real fast. I am even thinking of approaching some individuals, I have seen it working faster that way.
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new investor
#15 Posted : Tuesday, September 27, 2011 2:37:49 PM
Rank: Member


Joined: 11/26/2007
Posts: 118
@ Akowally..if you open an account with my bank and do regular deposits for at least 3 months, we can structure a loan to finance your business. If you get statements from paypal you can get for the last 1 year and let me have a look at them. My contact is <<lizzwangare@gmail.com>>
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akowally
#16 Posted : Tuesday, September 27, 2011 2:49:08 PM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
@New Investor

Thanks for the info. I am sending you an email now we see how we can work things out. Thanks.
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bwenyenye
#17 Posted : Wednesday, September 28, 2011 10:54:52 AM
Rank: Elder


Joined: 5/24/2007
Posts: 1,805
@Akowally,

It is good to see someone actualizing the Wazua members dream of being financially sound entrepreneurs. Welcome back and let us know how it goes.
I Think Therefore I Am
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akowally
#18 Posted : Wednesday, September 28, 2011 2:16:22 PM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
@bwenyenye

Thanks. I like your signature. I've even used that Proverb as my facebook status i.e. the actual Prov 13.22 which reads

A good person leaves an inheritance for their children’s children,
but a sinner’s wealth is stored up for the righteous.

Anyway I'll let you know how it goes in this thread.

One thing that we are enjoying right now as freelancers is the dollar rate, so for any freelancer, do as much work and earn as much as possible with the dollar at 102.
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akowally
#19 Posted : Wednesday, October 05, 2011 6:16:56 PM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
I am still not getting a bank that will finance me without security (land/logbook) or a salary from some known company. I've tried my best with them, including my paypal statements which they have all said is good. I am also communicating with "new investor" above to see if we can work something out with her bank. Thank you very much New Investor.

In case there is anyone else with an idea I'm open to all your opinions. I'm joining a sacco but that will take a couple months before I get the loan and I need it NOW. I'm also now stopping to use paypal as my only account and going back to depositing to conventional banks so that I can easily access loans and overdrafts in the next few months.

I trust that with God there is some way forward.
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