@majimaji

Your biblical quatation is not entirely subjected to shylocking,as the meaning which you are putting it through should be first taken to first financial instituitons whom exploit the masses the poor in the long run cause they are charging interests and exorbitant with hidden things inside it all to the detriment of the poor who borrow.What will you explain where banks take people collateral when they fail to pay even a few coins? they need to forgive the masses but for them its business which in God's eye its evil.. Evil has no classes whether its done by a regulated person or unregulated its all the same but for us people its the one who are classyfying it contrary to the Bible saying.I think if you could follow the Riba free banks then you could be talking a sense somehow but not wholly fit also.Condemning a person that he will go to hell while you may be encouraging banks and other regulated institutions is itself evil.

Mlokole if its spiritual your conscience will guide you to know what is morally or in religion is wrong.But if you are pursuing business then you need to look at how best is going to suit you,its willing buyer willing seller.You are not forcing anyone and you are not different from financial instituions,those are just Regulated Loan sharks.Go for it Man


HARD WORK,HARD WORK HARD WORK

@mlokole hows biz doin? today witnessed a guy take 100k against a PD at 30% . Ma jaw dropped right there. The shyloc said ' huyo ni kastoma wangu wa jadi. He has never bounced a cheque' Crazy !!!

For i am the master and the captain of my fate !

Kingf.....tell 'em wat I told you!!!!!


The chief value of money lies in the fact that one lives in a world in which it is overestimated.

Interesting Post...

Recently I met my friend for lunch. He is currently working with one of the Micro-Finances in the CBD. So I ask him to tell me about business and how they are fairing. The discussion took us to what rate they apply on their loans. I couldn't believe they are going as high as 20% per month plus one off instant charges of processing fee of about 5%.

20% per month translates to 240% per year. He says the good thing is that they are processing more than 150 loans per day. Their clientele ranges from people desperate for school fees, medical fees to flamboyant politicians. The Micro Finance even takes huge loans from their banks and lends to their customers.

Yani many of these micro-finance people are just shylocks with a practicing Certificate. But again, their only difference with banks is that their rates are higher than the banks.

So this brings the question? What rate is too much?

@ mlokole...drop me ur email address on szngatia@gmail.co.ke...am interested in having a conversation.

There is also an investor looking to fund a sacco or a micro-finance bank..
Serious people only please!