Prasac interest rates
Posted: Thu Aug 31, 2017 6:11 pm
Prasac MFI have today reduced their interest rates by 0.25% . The 12 month rate is now 7.75%. They have also equalised the Riel and US dollar interest rates for the first time.
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Your MFI can't afford to advertise on TV/in newspapers?Forktongue2 wrote: ↑Thu Aug 31, 2017 6:11 pm Prasac MFI have today reduced their interest rates by 0.25% . The 12 month rate is now 7.75%. They have also equalised the Riel and US dollar interest rates for the first time.
I've joined a group that's lobbying Prassac to cut it's rates to 0.5% p a. Good news for investors if it comes off, as they really will be able to help the poor even more than they say they are now.mauser765 wrote: ↑Thu Aug 31, 2017 6:23 pmYour MFI can't afford to advertise on TV/in newspapers?Forktongue2 wrote: ↑Thu Aug 31, 2017 6:11 pm Prasac MFI have today reduced their interest rates by 0.25% . The 12 month rate is now 7.75%. They have also equalised the Riel and US dollar interest rates for the first time.
7.75% is very high.
New loans have been capped at 18% since April or so this year, compounded up to 50 or so % p a I shouldn't wonder. If so, down from 80% per annum on a $1500 or so loan. The middle men, the MFIs, have cut their customer's investment returns while more than likely keeping the same or very similar profits themselves. They still get to sell off their defaulting customers land at highly inflated rates than which they'd purchased it though. It's the really poor that fund the whole thing. Who else would ever even consider taking out $1500 at 80% pa. No wonder NGOs have a bad reputation in Cambodia.
Indeed. Mea culpa.Pizzalover wrote: ↑Fri Sep 01, 2017 11:07 pm as stated by the OP 7.75 % per year and only without monthly interest withdrawal
Shouldnt be too difficult to understand.....