Bayport

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Bayport

Postby JK » 29th July 2011, 16:47

Dear Zambia,

I would like to register my disappointment with the way bayport handles their loans.
What kind of financial institution is this? Once you get a loan from them, you have to pay like ten times what you borrowed. Their records are pathetic and to me, I think these people are just out to make the poor man more poorer instead of developing our nation.
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JK
 

Re: Bayport

Postby VOICE » 29th July 2011, 18:30

Money is expensive. A lot of times people are anxious to get the mulla and overlook the small print. If you do borrow from a financial institution get them to prepare an analysis for you which will show how much of your monrhly repayment goes to interest and how much goes to reduce the principal. This way you will know what you are letting yourself into. Also, get to understand the computation of compound interest which is the most probable method being used.
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VOICE
 

Re: Bayport

Postby Chitumbuwa » 29th July 2011, 18:51

For those of us who studied economics, finance and accounting in school, these kind of issues might seem like no-brainers. But it's always amazing how many people get themselves into a shit load of trouble because of not reading the fine print. It could be desperation at the time of acquisition of these loans that make people not pay attention to the fine print. Maybe they are too eager to get their hands on the cash and run. But the point the VOICE is making cannot be emphasized enough.
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Chitumbuwa
 

Re: Bayport

Postby Mwansa » 16th September 2011, 17:28

JK,
Companies like Bayport are more helpful than you think. The average Zambian can't afford a loan from the big commercial banks like Barclays, Stanbic, etc so Bayport comes in as a middleman. Also, like Voice said, you need to understand the principles of borrowing, obviously the business has to make some profit too. The cash that they dispense is also borrowed, but from BoZ instead and BoZ also charges them interest. It's basic economics and finance.
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Mwansa
 

Re: Bayport

Postby Alcúdia » 16th September 2011, 17:54

Dear Mwansa,

If you told me you are an employee of Bayport, I will probably not fall down with shock. I will be even less surprised if you told me that you are managerial material over there at Bayport.
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Alcúdia
 


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