Kenyans Now Use Credit Cards Though Unknowingly Through Fuliza & Other Okoa Services

In the US 90% of the people have some form of debt. Either a mortgage, car loan, student loan or credit card debt. 3rd world citizens had escaped this enslavement for long since access to Credit Cards was only for the rich and mighty until the mobile phone came around.

Today a peasant can even fvck a wh0re and apply for a loan while in bed to for pay the services without stepping onto a brick & mortar banking hall. This trend of loan borrowing has ruined many lives since once you get blacklisted as a defaulter even the village Saccos will have your details the next time you try to borrow from them.

Its better a peasant be blacklisted than they borrow, repay and borrow, highway to poverty

Any country that wants to develop must find a way to bring future consumption to the present -more money in circulation,more taxes and more wealth being built up in the present.Almost all developed to upper middle income countries i know of make it easy for citizens to access debt.Debt is good the problem comes in when it cannot be paid back

Modern day theory.

Access to credit=access to prosperity.

:D:D:D peasant quotes. lakini i agree, tangu niwe listed na KCB m-chieth, I’m doing better kidogo.

Being blacklisted by lenders is the best thing that can ever happen to a kenyan. Borrowing destroys people.
People should learn to work with savings and wages and salaries, to grow a shilling into two shillings, slowly.
Why borrow 20,000 from Tala when i can offer my labor and get 20,000?
Currently i have no loan and will never ever borrow money. I only work with what i have,

Good thing that happened to me is that I got blacklisted with Metropol and the other credit reference bureaus. Those sad little bitches at Branch who I owe 8k since 2018. They listed me very swiftly after I failed to clear a loan of 6k (interest was 2k!)… The loan balance has remained 8k for two years and they have wasted so much time and effort calling and texting me :-)… Now I cannot access any borrowing services offered by my bank. I don’t intend to take a car loan or mortgage. Let me leave within my means.
The interest charged is exorbitant.

You misspelled ACCESS TO CAPITAL. Borrowing to eat is access to the rat race.

Debt where you borrow money to pay more … where is the more coming from… and thats how currency loses its meaning

The last time I had hard cash was 4 months ago.
Kazi nikulipa bills na my Apple Watch.
technology has its advantages…
next is a chip on your hand to get or pay bills with your connected cards

Creditline is access to wealth if you use it responsibly.

I have used other people’s money to accumulate property above many peasants’ reach.
All rich people in the world built their wealth using other people’s money. Even all web techs like Microsoft, Facebook Uber, name it used borrowed capital to start and grow. Wait for your turning one shilling into two and keep scratching your poor butt as we leave you far behind. :stuck_out_tongue:

Btw: In the tech world, it’s called Upstart Capital.

Thats the word son. That’s it.

Assuming you want to buy property for 5 million, you can’t take a loan?

Ukichukua loan ya 5m leo ulipe in 60 months utalipa riba ya 2.7m, property utakua umeinunua 7.7m.
Ni heri usave io 60 months ununue property cash, kuna mahali inaenda.
If you avoid bank financing you will save 2.7 million

You will be scratching you balls for the next 3 years to buy the property and at that time, the house will be expensive and already sold.

kitambo si saa ii. bei ya property imekwama place moja na watu hawanunui kama 5 years ago. angalia zile properties zilikua advertised for sale 2018 bado ziko on sale sa ii.

This will be lying to myself. Its hard to save for 60 months. Needs occur everyday you will soon eat your savings and end up in your initial state. Better to take a loan and repay within 60 months

There are several types of loans you can take advantage of to grow your business, or complete your project and your personal banker can expound on the options so you only choose what matches your interest. Banks can grant Secured Loans or Lines of Credit which actually offer lower interests, or Unsecured Loans and lines of credit which may be more expensive.

Look:

[SIZE=6]How Credit Lines Work[/SIZE]
All LOCs consist of a set amount of money that can be borrowed as needed, paid back and borrowed again. The amount of interest, size of payments, and other rules are set by the lender. Some lines of credit allow you to write checks (drafts) while others include a type of credit or debit card. As noted above, a LOC can be secured (by collateral) or unsecured, with unsecured LOCs typically subject to higher interest rates.

A line of credit has built-in flexibility, which is its main advantage. Borrowers can request a certain amount, but they do not have to use it all. Rather, they can tailor their spending on the LOC to their needs and owe interest only on the amount they draw, not on the entire credit line. In addition, borrowers can adjust their repayment amounts as needed, based on their budget or cash flow. They can repay, for example, the entire outstanding balance all at once or just make the minimum monthly payments.

[SIZE=6]Unsecured vs. Secured LOCs[/SIZE]
Most lines of credit are unsecured loans. This means the borrower does not promise the lender any collateral to back the LOC. One notable exception is a home equity line of credit (HELOC), which is secured by the equity in the borrower’s home. From the lender’s perspective, secured lines of credit are attractive because they provide a way to recoup the advanced funds in the event of non-payment.

For individuals or business owners, secured lines of credit are attractive because they typically come with a higher maximum credit limit and significantly lower interest rates than unsecured lines of credit. A credit card is implicitly an unsecured line of credit you can use to make purchases with funds you do not currently have on hand.

Unsecured lines of credit tend to come with higher interest rates than secured LOCs. They are also more difficult to obtain and often require a higher credit score. Lenders attempt to compensate for the increased risk by limiting the number of funds that can be borrowed and by charging higher interest rates. That is one reason why the APR on credit cards is so high. Credit cards are technically unsecured lines of credit, with the credit limit—how much you can charge on the card—representing its parameters. But you do not pledge any assets when you open the card account. If you start missing payments, there’s nothing the credit card issuer can seize in compensation.

Mobile loans/fuliza are the worst loans you can take. I bring monumental input to this kijiji but watu wanasikiza kweli?
https://www.kenyatalk.com/index.php?threads/avoid-mobile-loans.132741/

I meant credit not capital.