Alexandoy
VIP Contributor
The savings and loan association is an informal group that members deposit money regularly to their account in the credit club. When a member takes a loan there is an interest of 1.5% in a month but delayed payments has a penalty. On the average the credit club earns about 12% interest on the deposited money of a member which interest is greater than the interest in the bank deposit. I have been a member of a savings and loan association in our office before. It was pretty good so I organized one when I moved to another company. The credit club is beneficial to the members.