I am not posting this article on this blog in any way daunting hard earn reputation of some Saving and Loans firms-those who offer instant loan to their unsuspected customers in Ghana and world over.If care is not taken small business will die natural death. I had been a victim of this-so-called financial institution in our country. I want to share my experience with one of them to you my blog readers and to those authority who can regulate and curtail their activities.
As young vibrant man who wants an end meet in future, I decided to venture into transport service which is one of the lucrative business in Ghana. My Hyundai H100 engine broke down so I needed go for a loan to add up to my money.
I walked straight to Baypot Finance Service for financial assistance to the tune of two thousand two hundred Ghana cedis(2200) for year.I inquire if get the money and want pay within one months how much--Sale Executive said two months interest as penalty will be charge.
Luckily enough I had the money in a month so went to pay. I was made to pay three thousand and nine and forty-eight(3009.48). Meanwhile amount to be paid in one year is 3854.78
Below is detailed analysis
Processing fee 7%
Penalty Interest 11%(2months)
The processing fee worked @ 7% on principal of 2200 =2354
So above interests two are calculated base on Ghc 2354
All amounted to Ghc 3009.48
I have authentic document and receipts backing it. If any body object to this post can drop comment for detailed information.
I contacted head office to give me the breakdown they never