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M-shwari loan
Rank: Member Joined: 1/25/2010 Posts: 344
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Just took my 1st m-shwari loan. Processing took less than 2mins. i had 0 bal in both m-pesa n m-shwari accounts. Wow! this thing wl go places. But the big question in, hw wl they deal with defaulters?
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Rank: Veteran Joined: 2/21/2012 Posts: 1,739
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theking wrote:Just took my 1st m-shwari loan. Processing took less than 2mins. i had 0 bal in both m-pesa n m-shwari accounts. Wow! this thing wl go places. But the big question in, hw wl they deal with defaulters? Me think its hard to default, unless you do not use MPESA. They will Just transfer from YOUR mpesa. But wait, you will get several reminders as repayment deadline approaches. Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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Am wrote:theking wrote:Just took my 1st m-shwari loan. Processing took less than 2mins. i had 0 bal in both m-pesa n m-shwari accounts. Wow! this thing wl go places. But the big question in, hw wl they deal with defaulters? Me think its hard to default, unless you do not use MPESA. They will Just transfer from YOUR mpesa. But wait, you will get several reminders as repayment deadline approaches. Defaulters will be fwded to credit reference Authorities! The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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theking wrote:Just took my 1st m-shwari loan. Processing took less than 2mins. i had 0 bal in both m-pesa n m-shwari accounts. Wow! this thing wl go places. But the big question in, hw wl they deal with defaulters? How much have you taken as loan? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Member Joined: 1/25/2010 Posts: 344
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Impunity wrote:theking wrote:Just took my 1st m-shwari loan. Processing took less than 2mins. i had 0 bal in both m-pesa n m-shwari accounts. Wow! this thing wl go places. But the big question in, hw wl they deal with defaulters? How much have you taken as loan? A very small amount. Was actually just testing to c wetha it works. Was amazed by the efficiency
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Rank: Elder Joined: 6/20/2008 Posts: 6,275 Location: Kenya
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jerry wrote:Am wrote:theking wrote:Just took my 1st m-shwari loan. Processing took less than 2mins. i had 0 bal in both m-pesa n m-shwari accounts. Wow! this thing wl go places. But the big question in, hw wl they deal with defaulters? Me think its hard to default, unless you do not use MPESA. They will Just transfer from YOUR mpesa. But wait, you will get several reminders as repayment deadline approaches. Defaulters will be fwded to credit reference Authorities! I asked same question. And I hear they have done their averaging and concluded that the risk is already covered by the interest earned from the loans, 7% per month means 84% interest per annum! But they don't have rights to transfer your Mpesa money to Mshwari. I think they have debt collection plan, which is scheduled and deisnged to harras defaulters, which I think eventually leads to your oine being suspended, not mentioning your name appearing in Credit Reference Authorities 
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Rank: Member Joined: 5/8/2013 Posts: 386 Location: Nyali mombasa
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most loans are around 2,900/- I wouldn't want to lose my number because of 3k, plus this thing saved my behind sometimes back
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Rank: Veteran Joined: 7/5/2010 Posts: 2,061 Location: Nairobi
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Risk of default is insured and all that fuzzy actuarial math has gone into the structuring of this product.
There is also an automated engine that lowers your credit risk rating as you build your borrow-repay history.
In any case only an idiot would think of losing such a convenient facility for a miserly approx theoritical max of 7000/- one-off payday.
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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AlphDoti wrote:jerry wrote:Am wrote:theking wrote:Just took my 1st m-shwari loan. Processing took less than 2mins. i had 0 bal in both m-pesa n m-shwari accounts. Wow! this thing wl go places. But the big question in, hw wl they deal with defaulters? Me think its hard to default, unless you do not use MPESA. They will Just transfer from YOUR mpesa. But wait, you will get several reminders as repayment deadline approaches. Defaulters will be fwded to credit reference Authorities! I asked same question. And I hear they have done their averaging and concluded that the risk is already covered by the interest earned from the loans, 7% per month means 84% interest per annum! But they don't have rights to transfer your Mpesa money to Mshwari. I think they have debt collection plan, which is scheduled and deisnged to harras defaulters, which I think eventually leads to your oine being suspended, not mentioning your name appearing in Credit Reference Authorities There is already a section at their call centre whose sole job is to keep calling n "harassing" defaulters.
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Rank: Veteran Joined: 11/20/2009 Posts: 1,402
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washiku wrote:AlphDoti wrote:jerry wrote:Am wrote:theking wrote:Just took my 1st m-shwari loan. Processing took less than 2mins. i had 0 bal in both m-pesa n m-shwari accounts. Wow! this thing wl go places. But the big question in, hw wl they deal with defaulters? Me think its hard to default, unless you do not use MPESA. They will Just transfer from YOUR mpesa. But wait, you will get several reminders as repayment deadline approaches. Defaulters will be fwded to credit reference Authorities! I asked same question. And I hear they have done their averaging and concluded that the risk is already covered by the interest earned from the loans, 7% per month means 84% interest per annum! But they don't have rights to transfer your Mpesa money to Mshwari. I think they have debt collection plan, which is scheduled and deisnged to harras defaulters, which I think eventually leads to your oine being suspended, not mentioning your name appearing in Credit Reference Authorities There is already a section at their call centre whose sole job is to keep calling n "harassing" defaulters. -@washiku . Kula kulipa.i dont think wr should call it harassment. Someone willigly took up a loan. A few calls to remind them to pay are in order.
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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Ati I am only qualified for KEs 1,000 loan only yet in the past 6 months I have transacted thru Mpesa in excess of 200K plus several thousand shillings in voice and data. Shi*t!!!!! Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 2/21/2012 Posts: 1,739
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Impunity wrote:Ati I am only qualified for KEs 1,000 loan only yet in the past 6 months I have transacted thru Mpesa in excess of 200K plus several thousand shillings in voice and data.
Shi*t!!!!!
Something is wrong somewhere. I had similar amounts transacted when I got an sms qualifying for 10K months ago. Iko Chinda, and I hope Impunity is not your real name, which anyone would fear  Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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The lady on the other side told me that I need to put in and withdraw several times in order to increase my credit worthiness...what the hell is this?  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 12/8/2009 Posts: 975 Location: Nairobi
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Impunity wrote:The lady on the other side told me that I need to put in and withdraw several times in order to increase my credit worthiness...what the hell is this? just like a bank account, its not just the amount in the account but also the number of transactions. The account must be seen to be busy not just putting 50 k and leaving it there for months! You will know that you have arrived when money and time are not mutually exclusive "events" in you life!
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Rank: Elder Joined: 1/17/2013 Posts: 4,693 Location: Earth
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Default and;
1. You are blocked from accessing some safcom services on your phone.
2.They will give you a final deadline to pay up.
Fail to adhere and your name, plus ID is forwaded to all credit facilities including banks for Blacklisting.
Meaning you cannot access loans anywhere.-
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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kysse wrote:Default and;
1. You are blocked from accessing some safcom services on your phone.
2.They will give you a final deadline to pay up.
Fail to adhere and your name, plus ID is forwaded to all credit facilities including banks for Blacklisting.
Meaning you cannot access loans anywhere.-
What will happen once I clear the meager loan? Do I get my credit worthiness back to where it was prior to this nonsense userization?  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 6/20/2008 Posts: 6,275 Location: Kenya
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Impunity wrote:kysse wrote:Default and;
1. You are blocked from accessing some safcom services on your phone.
2.They will give you a final deadline to pay up.
Fail to adhere and your name, plus ID is forwaded to all credit facilities including banks for Blacklisting.
Meaning you cannot access loans anywhere.- What will happen once I clear the meager loan? Do I get my credit worthiness back to where it was prior to this nonsense userization? "Nonsense" is when you decided to default the "meager loan". So you have to earn your credit worthiness back by working up again to qualify for more. They have to tame the likes of nonsensical customers to minimize loases. After all the money is theirs.
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Rank: Member Joined: 10/4/2007 Posts: 656
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kama hauna pesa, kopa mahali, lipa, then take another loan instantly, and get another one month to pay The way I am
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Impunity wrote:kysse wrote:Default and;
1. You are blocked from accessing some safcom services on your phone.
2.They will give you a final deadline to pay up.
Fail to adhere and your name, plus ID is forwaded to all credit facilities including banks for Blacklisting.
Meaning you cannot access loans anywhere.-
What will happen once I clear the meager loan? Do I get my credit worthiness back to where it was prior to this nonsense userization? @Impunity,no need to worry about the Safcom fools,just ensure when you are registering your line buy the Mpesa lady fruit salad worth 50 bob and let her omit one of the digits of your ID number.Remember those user bureaus use ID numbers so utakuwa umewafunga 10 nil.
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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mawinder wrote:Impunity wrote:kysse wrote:Default and;
1. You are blocked from accessing some safcom services on your phone.
2.They will give you a final deadline to pay up.
Fail to adhere and your name, plus ID is forwaded to all credit facilities including banks for Blacklisting.
Meaning you cannot access loans anywhere.-
What will happen once I clear the meager loan? Do I get my credit worthiness back to where it was prior to this nonsense userization? @Impunity,no need to worry about the Safcom fools,just ensure when you are registering your line buy the Mpesa lady fruit salad worth 50 bob and let her omit one of the digits of your ID number.Remember those user bureaus use ID numbers so utakuwa umewafunga 10 nil. Ama interchange numbers kwa ID, you are game. Thieves
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