BY PHUMELELE MKHONTA
MBABANE– Financial SOS!
The country’s renowned Financial Advisor, Terrance Thwala, popularly known as Mtera, has advised emaSwati to avoid taking loans at all costs- especially this year.
Thwala said this yesterday, stating that the globe was expected to crash into a serious recession.
Thwala is popularly known for his programme ‘Financial Literacy with Mtera’, which airs on Eswatini Broadcast and Information Service (EBIS) and goes live on his fast-growing Facebook page.
“This is the worst time to take a loan, especially in banks because the world is heading for a recession which was seen in 2007/2008. Taking a loan now would mean suffering steep interest rates which could be avoided.
“In actual fact, this would be about the best time to make investments as the rewards would be greater,” said Thwala.
He advised those in dire need to get their hands on money to opt for SACCOs.
SACCO is the acronym for Savings and Credit Cooperatives. “The interest rates on loans with SACCOs do not increase whereas, with banks, interest rates are determined by the markets,” said Thwala.
