Getting a flexible loan in Kenya and ignoring timely repayment has its own consequences.
Here is about the early results of not clearing your name on CRB in Kenya and how you can handle your loan to avoid further discipline from CRB offices.
If you have been struggling to make ends meet, and later fail to pay the loans, here are three things that can happen:
The right amount of money that you were supposed to pay as an interest is increased. You will not be able to afford to pay for your extra charges if you leave the extra charges to reach a higher amount.
The lender may also choose to notify you to the Credit Reference Board (CRB). When your listed as an offender by the CRB, you will be dismissed for any cash loan action within a period of at least five years and not later. seven years thereafter the debt owed will be deemed to have been settled. You can similarly decide to repay your loan and clear your name from CRB.
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