The Economic status of almost every Kenyan is in rambles. Many are the people who complain it is getting harder and harder with each passing day. Recently, fuel prices shot high and that translated to an increase in price to each and every commodity in the market.
Despite the increase in cost if items, the income of Kenyans remains the same. This means most people will have to strain to make ends meet and any avenue which can give out money is highly valued.
To help lessen the financial burden, many Kenyans have resorted to Borrowing money. Some borrow their friends, the bank, Marchants, or loan apps.
The apps are quite many and most convenient to many Kenyans. People prefer the Apps since it's easy to download and quick to register, with many apps asking for nothing or little registration fee.
However, as much as the apps seem cheap, convenient and come as a financial saviour, they are more of a burden and punishment.
If it were possible, middle level Kenyans should avoid these apps like a plaque.
The apps will give you money with a very short repayment period, with others requiring you to return the money plus the interest within a period of 7 days. Failure to which they will add up a daily penalty. Now tell me, how will you raise money within seven days and mostly many Kenyans rely on Monthly salary?
Other apps have a repayment period of two weeks and it becomes challenging to repay if you rely on monthly salary.
To add more complications, the interest rates of the apps is so high. This will leave you with a bigger financial wound than you were before borrowing from them.
In addition, if you delay their payment, these apps will fill your inbox with messages and constant calls despite your plea to be given more time. To make matters more worse, some apps go to an extent of hacking your contacts and start calling them, explaining how you failed to pay their money.
Others text your contacts at random, with other apps threatening to form a WhatsApp group from your contacts to help you clear their loan. And mind you, it can be only 500 shillings you failed to repay on time. How will you face your boss, your in-laws, your esteemed persons after they receive such texts?
Now tell me, are you ready to face all that shame just because of some one thousand shilling you borrowed from an app?
Wherever you meet an app which gives a repayment period of less than a month, has high interest rates and requires permission to read your contacts, avoid it like a plaque.
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