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Tuesday, July 28, 2020

Why Kenyans Hate Loan Apps Now

    July 28, 2020   No comments

Loan apps in Kenya
Tala, Okash Apps

It's now evident that most Kenyans want the loan apps gone. They are even supporting the idea that the Central Bank is coming up with to make the apps leave the market.

But why? When the apps came, most Kenyans were happy about them.It was enjoyable to access quick mobile loans through our smartphones.

Most have given heartily stories of how the loan apps came through when they were in financial emergencies not once not twice but in several occasions.

There was no restrictions on how you will spend the money borrowed. The apps came through when some people wanted to pay rent, buy food, pay medical bills, start businesses or just growing businesses.

In short there are mixed reactions by Kenyans towards this loan apps thing being scrapped off the lending market.

Why Kenyans Want Loan Apps To Go

Lets now look into the lot that is advocating for termination of services by the loan apps in Kenya.

Most of these guys messed up with the apps and got negatively listed (blacklisted) with the CRB .They therefore think if these lender will be forced to leave they'll automatically become delisted from the CRB blacklists.

Some guys who want loan apps gone say these digital  lenders charge extremely high interest rates, give extremely short loan repayment durations too.

Loan apps are tempting. They can lure you to take loans nor just from one but from several apps and end up Overburdened with loans

Not everyone negatively listed with the CRB deserves it. Some made loan repayments even early enough but because the apps never captured that, the borrower becomes a defaulter. The lenders' communication and customer care is extremely poor and its what causes all this.
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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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