The North West District Council (NWDC) last Wednesday approved a scheme that will allow councilors to secure loans of up to half a million individually at an interest rate of 12% from those who experience unsecured loans bad credit UK.
Chobe District Council Chairperson, Mwanota Kachana, who was representing Botswana Association of Local Authorities (BALA) pitched the idea at the last NWDC full council meeting for 2017 in Maun.
According to Bridge Payday with Kachana, the scheme comes as a software package provided by the Payroll Systems Botswana in order to make councilors salaries credible to secure loans larger than the usual P200 000.
The software is said to be able to manage councilor’s salaries, keep track of their borrowing levels and patterns, determine as to what level of credibility is the councilors salaries, guard against debts, loan consolidation to mention a few.
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The scheme is said to have advantages such as Home Ownership,lease to own car loans, Personal loans as well as study loans as it is also attached to a partnership with Kgolagano College. Click here www.moneyfall for more inforamation.
The partnerships allow councilors to secure loans to study their preferred courses and Kachana explained that the scheme already exists in South Africa and Malawi.
The councilors will however have to wait for the 2019 general elections when the scheme will be effected in a new term
The scheme was unanimously approved by the councilors and Kachana explained that the councilors’ salaries would be used as security against the loans and that their working days would determine how much they can borrow.