Kenya's managed to borrowed over 400 million in less than 24hours after the Hustler Fund Loan Launch by the President, His Excellency William Samoei Ruto, being one of them you might wonder what will happen if you take the Hustler Fund loan and fail to repay. For starters, one gets 14 days to repay the loan and qualify for another, customers who will not have repaid the loan in the 14days will be added an additional 15days to repay and if the loan is still not settled, the interest rate will increase from 8 to 9.5 per cent per year.
The government through Central Bank of Kenya (CBK) has managed to remove 13 million loan defaulters from Credit Reference Bureau (CRB). CBK governor has said such small sums has been the cause of a curse of youth unemployment leading to economic crisis. He adds that young people with vision and idea straight from college are denied loans to start businesses. However, this will no longer be the case as they can now access loans anywhere and anytime. Also these skillful youth miss job opportunities as some em
The harsh economic conditions brought about by Covid-19 pandemic has forced many Kenyans to find themselves accessing loans from mobile apps and banks.Getting a loan without having a mechanism of how you are going to pay it off can be a challenge.In most cases, the mobile app loan lenders can list you in the Credit Reference Bureau (CRB) even of you owe them as little as shs.
Amid the new SIM card re-registration strategy proposed by the Communications Authority, Kenyans seem to be having so many unanswered questions running through their minds. With the deadline of the activity scheduled on 14th of this month, many have been plunged into limbo with some unaware of what relevant action to take.
The following are other consequences of being blacklisted in the Credit Reference Bureau: 1. The most common consequence of being blacklisted in the Credit Reference Bureau (CRB) is the denial of further loans from other money lending platforms like the banks, SACCOs and mobile money lending platforms like Branch and Tala.
The Higher Education Loans Board (HELB) has notified 85,000 Kenyans as they remain to get listed on the Credit Reference Bureau (CRB) list if they neglect to pay their loans. speaking at a meeting on Wednesday, May 19, HELB CEO Charles Ringera noticed that the neglected loans added up to Ksh9.5 billion.