There are many mobile loan apps which have come up in the recent years. Seems like this has become a lucrative business to start. Most people borrow from these mobile loan apps blindly without looking at the possible consequences. These apps are always very ready to loan you any amount of cash you are asking for but have you ever taken your time to read some of the terms and conditions?
Before you borrow, make sure you are aware of some of the terms placed before you accept to be loaned. These apps will loan you any amount you want but you will be faced to pay back with very high interests. You will pay almost dubble of what you had borrowed. I think this is very unacceptable. Failure to pay your loan back, your name will be listed in the CRB. They list people who owe as little as 100 shillings and have failed to pay back on time. This is why many youths have been listed in the CRB today.
When you have been listed in the CRB, you can not borrow any money in future from any financial institution. Some jobs also require you to present them with a CRB form to prove that you are free and clean. I think this is not the way to go, it's like punishing the poor who cannot afford to pay these loans on time. There are many financial institutions who can offer you a loan with a much lower interest. Mshwari which is owned by Safaricom is a good example. I hope you loved this short article, please comment and share below..
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