Social Performance and
Projects
Through its Mission and Values, ASF is committed to helping clients increase their income, strengthen their businesses and make informed financial decisions, contributing to poverty reduction and improved living standards in the communities it serves.
BORROW WISELY 2020
The “Borrow Wisely” campaign aims to educate as many clients as possible about borrowing wisely and ensuring that their debt remains at safe and responsible levels. The campaign presents a list of simple questions that every client should ask themselves before taking out a loan.
How much money can I borrow?
- Learn to calculate your monthly savings accurately.
- Monthly loan repayments must not exceed 70% of your monthly savings.
- Take out a loan in the same currency as your income.
- Agro Social Fund will assess your ability to afford the loan.
Do I know how much I will pay?
- Learn how to compare different offers to make an informed choice.
- Everyone has the right to request information about loan costs.
- Remember, a lower interest rate does not guarantee a lower-cost loan.
- Include all costs and fees when calculating your monthly payments, not just interest payments.
- Beware of aggressive lenders – special offers are rarely as good as they seem.
- Consider the loan term carefully – smaller payments over a longer period can result in higher costs.
- Agro Social Fund, like all MFC members, presents all loan costs transparently.
Do I understand the contract?
- Read the contract from beginning to end. Your loan officer should give you enough time to do this. Understand the costs, penalties, payment dates and payment methods.
- Ask your loan officer about anything you do not understand. Always request clarification of the financial terms used in the contract.
- Take your time – take the contract home and do not rush to sign something you do not understand.
What should I do if I am not satisfied?
- Please let us know if you are not satisfied.
- Always exercise your right to complain.
- For complaints, contact your loan officer or branch manager, send an email, or call the telephone number provided.
Tel: +355 46 31 57 43
Email: [email protected]
Address: Zogu i Zi, “Hysni Gerbolli” Street, Ultra-Tech Building, Floor 1, Tirana, Albania.
- You can leave your comments in the Complaints/Suggestions box available at every Agro Social Fund office.
- Your feedback helps us provide a better service to our clients.
Control your debt – do not let it control you!
- Too much debt can lead to repayment problems.
- Avoid multiple loans: having several loans increases the risk of over-indebtedness.
- Borrow for investments; avoid borrowing for things you do not need.
- Take care of your credit history; information remains on record at the Bank of Albania.
- Be careful when acting as a guarantor for someone else.
- Talk to your loan officer if you have problems. We are here to help.
Plan your financial future
In the short term, balance your income and expenses, pay bills on time and build savings. In the long term, establish financial stability and prepare for unexpected expenses. Choose one of the topics below:
Is 100 ALL a lot? Remember, if you put aside 100 ALL every day, you will have 36,500 ALL in one year. Start following one of the suggestions below and you will be surprised how small steps can lead to big dreams.
Start with the simplest steps
- Start collecting particular coins or banknotes, for example, put aside 100 ALL coins every day.
- Set aside money whenever you shop and place it in a savings box in a visible spot at home.
- Whenever you receive income, set aside a portion of it.
- Save as you spend: put aside some money with every purchase you make.
- When you leave home, empty the coins from your wallet into your savings box.
- Use the savings options available through your bank account.
- When you receive a bonus at work, immediately set aside part of it.
Keep it simple
- If you have several sources of income, set aside the income from one of them.
- When you earn more, put aside the additional amount.
- Divide your salary between bills, food, daily expenses, unexpected expenses and savings.
- When you earn more than usual, set aside half of the extra money.
It is easier than you think. Choose the tips that suit you and follow them every day.
I want to plan my spending on food
- Make a list before going shopping.
- Do not buy more than you need.
- Set spending limits.
- Set a daily food budget.
- If you buy food in bulk, divide it into portions.
- Plan your weekly menu and shop according to the plan.
- Prepare your menu based on what you already have.
I want to cover my basic needs
- Prioritise your basic daily needs.
- Set a daily budget for non-essential expenses.
- Buy your favourite drinks or sweets only on selected days.
- Prepare food at home to eat at the office.
- Borrow books from the library instead of buying them.
- Go to the cinema during the week rather than at the weekend.
- In the morning, estimate how much you will spend that day and stick to the plan.
I want to plan everything
- Practise these habits every day.
- Take a homemade lunch to work.
- Set a weekly budget for eating out.
- Bring a bottle of water from home.
- Choose in advance which days you will eat out.
Choose one of the options below.
Simple tips to help you pay bills on time
- Pay bills immediately after receiving your salary.
- Set a monthly reminder on your phone for the payment date.
- Set aside money for next month’s bills.
- Prepare a list of taxes, insurance and payments that are due only once or twice a year.
- Discuss the possibility of paying bills in instalments.
Would you like to pay less for your utilities?
- Use energy-saving light bulbs.
- Turn off the tap while brushing your teeth.
- Switch off the lights when a room is empty.
- Save energy.
- Reduce heating and cooling costs.
Managing several debts is not easy, but it is possible.
Choose one of the options
- Pay off the smallest debts first.
- Sell your car and buy a less expensive one to repay part of your debts early.
- Find additional work and use the income to repay debts.
- Talk to your loan officer about restructuring your repayments.
- Prioritise paying your instalments.
- Arrange a meeting with your loan officer.
- Do not take out another loan to pay your instalments.
- Total monthly instalments should not exceed a quarter of your monthly income.
- Monthly loan repayments should not exceed 70% of your monthly savings.
- Borrow in the same currency as your income.
1. Do I know how much I will pay?
- Compare interest rates and loan costs.
- A lower interest rate does not guarantee a lower total cost.
- Include all costs and fees.
- Be cautious of aggressive offers.
- Consider the loan term.
2. Do I fully understand the contract?
- Read the contract from beginning to end.
- Ask about the interest rate, fees, payment date, grace period, penalties and early repayment.
3. How can I control my debt?
- Borrow only what you can afford.
- Avoid multiple loans.
- Borrow for investments and genuine needs.
- Avoid using loans to repay other debts or pay for holidays and luxury items.
Are you your family’s main income earner without life insurance?
Check what you can do to secure your family’s future.
- Buy life insurance and review the terms carefully.
- Take the documents home and wait at least two days before deciding.
Is your house or apartment uninsured?
- Buy insurance and review the terms carefully.
- Check the conditions your property must meet for a claim to be paid.
- Take the documents home and wait at least two days before deciding.