Am blacklisted, can I get a loan?I was listed as a defaulter, can I still borrow?Naomba mkopo but am listed by CRBs. Here, at Loans Kenya, we receive a lot of questions from Kenyans about loans to Credit Reference Bureau listed defaulters. First lets look at what credit reference bureaus (CRBs) are and why they exist.
Read ; Loans To Blacklisted In South Africa
Credit Reference Bureaus are companies licensed by the Central Bank of Kenya (CBK) to collect, manage and disseminate or share commercial banks' or and microfinance customers' information about their banking and borrowing habits among all lenders in Kenya. If you defaulted a loan with Transnational Bank, you can not borrow from Equatorial commercial bank or any other lender because your defaulting information is available to any financier from the CRBs.
Before the inclusion of Credit Reference Bureaus into the lending sector in kenya,Serial defaulters (borrowers who intentionally refused to repay loans) used to borrow from different lenders( Commercial banks, microfinance institutions and non deposit taking quick loan issuers) taking advantage of information asymmetry ( lack of a central point where borrowers borrowing habits can be traced).You can guess what happened.
Many finance institutions collapsed due to increased non performing loans.That's when CRBs became handy in kenya.
Currently, there are three companies the CBK licensed as CRBs in Kenya.They include;Creditinfo Credit Reference Bureau Ltd, Credit Reference Bureau Africa Ltd(Transunion) and Metropol Credit Reference Bureau Ltd
Any kenyan with a bank account can get a credit report from these CRBs.
To get your credit report from Metropol, simply dial *433# from your mobile phone or visit www.metropolcorporation.com to fill in a credit score form.
To get your credit report from Transunion,visit www.crbafrica.com or www.transunionafrica.com and fill in the credit score form.
To get that report from Creditinfo, visit www.creditinfo.co.ke and fill the credit report form.
Read ; how to Contact CRBs
Read here 4 ways to maintain a good credit report.
When blacklisted, the Kenyan law defines that you be denied access to borrowing from lenders for between a minimum period of five years and a maximum period of seven years after which the hold will be declared 'expired'. If one can't wait for expiration date, he/she can choose to fully repay the defaulted loan and all accrued interest and get cleared by the CRBs immediately to be free to borrow again. What happens if you cannot repay the defaulted loan before expiry?
Employed individuals with active salary bank accounts (the account where your employer deposits your monthly pay) can borrow though lightly by getting Salary Advances or Payday loans.Usually, you get payday loans or salary advances from your bank and less commonly from other lenders recommended to by your bank.
Payday loans/Salary advances are less than 75% your net salary.The higher your salary the higher is the Salary advance.Luckily nowadays, all banks like United Bank of Africa [UBA],Standard Investment Bank (SIB),Cities Bank, ABC Bank,Prime Bank, K-repbank, just to mention a few, offer salary advance facility.
Credit Reference Bureaus are companies licensed by the Central Bank of Kenya (CBK) to collect, manage and disseminate or share commercial banks' or and microfinance customers' information about their banking and borrowing habits among all lenders in Kenya. If you defaulted a loan with Transnational Bank, you can not borrow from Equatorial commercial bank or any other lender because your defaulting information is available to any financier from the CRBs.
Before the inclusion of Credit Reference Bureaus into the lending sector in kenya,Serial defaulters (borrowers who intentionally refused to repay loans) used to borrow from different lenders( Commercial banks, microfinance institutions and non deposit taking quick loan issuers) taking advantage of information asymmetry ( lack of a central point where borrowers borrowing habits can be traced).You can guess what happened.
Many finance institutions collapsed due to increased non performing loans.That's when CRBs became handy in kenya.
Currently, there are three companies the CBK licensed as CRBs in Kenya.They include;Creditinfo Credit Reference Bureau Ltd, Credit Reference Bureau Africa Ltd(Transunion) and Metropol Credit Reference Bureau Ltd
Any kenyan with a bank account can get a credit report from these CRBs.
To get your credit report from Metropol, simply dial *433# from your mobile phone or visit www.metropolcorporation.com to fill in a credit score form.
To get your credit report from Transunion,visit www.crbafrica.com or www.transunionafrica.com and fill in the credit score form.
To get that report from Creditinfo, visit www.creditinfo.co.ke and fill the credit report form.
Read ; how to Contact CRBs
Read here 4 ways to maintain a good credit report.
When blacklisted, the Kenyan law defines that you be denied access to borrowing from lenders for between a minimum period of five years and a maximum period of seven years after which the hold will be declared 'expired'. If one can't wait for expiration date, he/she can choose to fully repay the defaulted loan and all accrued interest and get cleared by the CRBs immediately to be free to borrow again. What happens if you cannot repay the defaulted loan before expiry?
How to borrow while blacklisted
The truth is you cannot do much in terms of borrowing if you are listed by CRBs as a defaulter. Worse is to companies/businesses because they must clear the loans or simply wait for hold expiry.Employed individuals with active salary bank accounts (the account where your employer deposits your monthly pay) can borrow though lightly by getting Salary Advances or Payday loans.Usually, you get payday loans or salary advances from your bank and less commonly from other lenders recommended to by your bank.
Payday loans/Salary advances are less than 75% your net salary.The higher your salary the higher is the Salary advance.Luckily nowadays, all banks like United Bank of Africa [UBA],Standard Investment Bank (SIB),Cities Bank, ABC Bank,Prime Bank, K-repbank, just to mention a few, offer salary advance facility.
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i was listed and want to pay to be cleared. how do i go about it?
ReplyDeleteI cleared my mshwari loan on 20th. April, 2019. When can I check my status?
ReplyDeleteI am told am blacklisted and yet I pay my debts on time. What am I supposed to do
ReplyDeleteOnce i clear my loan and i go maybe to a bank and apply for a loan, will they give me?
ReplyDeleteWhen i will be cleared how long will i be able to borrow
ReplyDeleteIn 2020 december, i had a kcb mobigrow loan that i delayed to pay because my son had an accident ,it forced me to rating but finally i payed .i was brackristed but i removed myselfe from crb, how do you handle these case to your customer because i dont qualify for any kcb loan because f that, am requesting why din't you fine someone with a certain amount of money for delay lather than more thn 5yrs
ReplyDelete