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Law Capping interest rates
Rank: Member Joined: 10/6/2009 Posts: 587
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Angelica _ann wrote:Baratang wrote:Swenani wrote:Baratang wrote:Swenani wrote:Baratang wrote:Received: Sep 29
Dear Baratang, You qualify for a loan of up to KES 7500.00. To apply for a loan, access KCB Mpesa in the MPESA menu.
On applying for a loan of ksh 5000…
Received: 11:17
Dear Baratang, you have been listed at the Credit Reference Bureau therefore we cannot process your loan request. Kindly call CRB on 0709834000 for more info
Nugu!!!NKT!! Lipa deni wacha siasa ya umaskini Those idiots should have checked the CRB first before writing to inform me that I had qualified for a loan while I didn't, at least according to them. Ichidwe!!! You should have known that you defaulted on your repayment and clear your outstanding debts before applying for the next one  I owe nobody nothing. I do not know who took my name to CRB. Probably a mechanic in Kariobangi who syphoned my fuel to half tank when I gave him my car to change the break pads!¡!¡! HELB????? I don't owe helb anything. I will check on which bank it is out of the 28 banks that I have borrowed from in the last 14 years..
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Rank: Elder Joined: 2/27/2007 Posts: 2,768
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Baratang wrote:Angelica _ann wrote:Baratang wrote:Swenani wrote:Baratang wrote:Swenani wrote:Baratang wrote:Received: Sep 29
Dear Baratang, You qualify for a loan of up to KES 7500.00. To apply for a loan, access KCB Mpesa in the MPESA menu.
On applying for a loan of ksh 5000…
Received: 11:17
Dear Baratang, you have been listed at the Credit Reference Bureau therefore we cannot process your loan request. Kindly call CRB on 0709834000 for more info
Nugu!!!NKT!! Lipa deni wacha siasa ya umaskini Those idiots should have checked the CRB first before writing to inform me that I had qualified for a loan while I , at least according to them. Ichidwe!!! You should have known that you defaulted on your repayment and clear your outstanding debts before applying for the next one I owe nobody nothing. I do not know who took my name to CRB. Probably a mechanic in Kariobangi who syphoned my fuel to half tank when I gave him my car to change the break pads!¡!¡! HELB????? I don't owe helb anything. I will check on which bank it is out of the 28 banks that I have borrowed from in the last 14 years.. Maraya ma bengi! ...besides, the presence of a safe alone does not signify that there is money inside...
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Rank: Veteran Joined: 6/23/2014 Posts: 1,652
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Kaigangio wrote:Baratang wrote:Angelica _ann wrote:Baratang wrote:Swenani wrote:Baratang wrote:Swenani wrote:Baratang wrote:Received: Sep 29
Dear Baratang, You qualify for a loan of up to KES 7500.00. To apply for a loan, access KCB Mpesa in the MPESA menu.
On applying for a loan of ksh 5000…
Received: 11:17
Dear Baratang, you have been listed at the Credit Reference Bureau therefore we cannot process your loan request. Kindly call CRB on 0709834000 for more info
Nugu!!!NKT!! Lipa deni wacha siasa ya umaskini Those idiots should have checked the CRB first before writing to inform me that I had qualified for a loan while I , at least according to them. Ichidwe!!! You should have known that you defaulted on your repayment and clear your outstanding debts before applying for the next one I owe nobody nothing. I do not know who took my name to CRB. Probably a mechanic in Kariobangi who syphoned my fuel to half tank when I gave him my car to change the break pads!¡!¡! HELB????? I don't owe helb anything. I will check on which bank it is out of the 28 banks that I have borrowed from in the last 14 years.. Maraya ma bengi!  Hutia Mundu!!
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Wamunyota wrote:Kaigangio wrote:Baratang wrote:Angelica _ann wrote:Baratang wrote:Swenani wrote:Baratang wrote:Swenani wrote:Baratang wrote:Received: Sep 29
Dear Baratang, You qualify for a loan of up to KES 7500.00. To apply for a loan, access KCB Mpesa in the MPESA menu.
On applying for a loan of ksh 5000…
Received: 11:17
Dear Baratang, you have been listed at the Credit Reference Bureau therefore we cannot process your loan request. Kindly call CRB on 0709834000 for more info
Nugu!!!NKT!! Lipa deni wacha siasa ya umaskini Those idiots should have checked the CRB first before writing to inform me that I had qualified for a loan while I , at least according to them. Ichidwe!!! You should have known that you defaulted on your repayment and clear your outstanding debts before applying for the next one I owe nobody nothing. I do not know who took my name to CRB. Probably a mechanic in Kariobangi who syphoned my fuel to half tank when I gave him my car to change the break pads!¡!¡! HELB????? I don't owe helb anything. I will check on which bank it is out of the 28 banks that I have borrowed from in the last 14 years.. Maraya ma bengi! If Obiero did it, Who Am I?
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Rank: Member Joined: 10/6/2009 Posts: 587
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Swenani wrote:Wamunyota wrote:Kaigangio wrote:Baratang wrote:Angelica _ann wrote:Baratang wrote:Swenani wrote:Baratang wrote:Swenani wrote:Baratang wrote:Received: Sep 29
Dear Baratang, You qualify for a loan of up to KES 7500.00. To apply for a loan, access KCB Mpesa in the MPESA menu.
On applying for a loan of ksh 5000…
Received: 11:17
Dear Baratang, you have been listed at the Credit Reference Bureau therefore we cannot process your loan request. Kindly call CRB on 0709834000 for more info
Nugu!!!NKT!! Lipa deni wacha siasa ya umaskini Those idiots should have checked the CRB first before writing to inform me that I had qualified for a loan while I , at least according to them. Ichidwe!!! You should have known that you defaulted on your repayment and clear your outstanding debts before applying for the next one I owe nobody nothing. I do not know who took my name to CRB. Probably a mechanic in Kariobangi who syphoned my fuel to half tank when I gave him my car to change the break pads!¡!¡! HELB????? I don't owe helb anything. I will check on which bank it is out of the 28 banks that I have borrowed from in the last 14 years.. Maraya ma bengi! @Kaigangio, Aki ya Ngai!!! Njinga wewe!!!. Is there a law prohibiting one from borrowing from as many institutions as one can? Wachana na matusi bwana.
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Rank: Elder Joined: 2/27/2007 Posts: 2,768
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Baratang wrote:Swenani wrote:Wamunyota wrote:Kaigangio wrote:Baratang wrote:Angelica _ann wrote:Baratang wrote:Swenani wrote:Baratang wrote:Swenani wrote:Baratang wrote:Received: Sep 29
Dear Baratang, You qualify for a loan of up to KES 7500.00. To apply for a loan, access KCB Mpesa in the MPESA menu.
On applying for a loan of ksh 5000…
Received: 11:17
Dear Baratang, you have been listed at the Credit Reference Bureau therefore we cannot process your loan request. Kindly call CRB on 0709834000 for more info
Nugu!!!NKT!! Lipa deni wacha siasa ya umaskini Those idiots should have checked the CRB first before writing to inform me that I had qualified for a loan while I , at least according to them. Ichidwe!!! You should have known that you defaulted on your repayment and clear your outstanding debts before applying for the next one I owe nobody nothing. I do not know who took my name to CRB. Probably a mechanic in Kariobangi who syphoned my fuel to half tank when I gave him my car to change the break pads!¡!¡! HELB????? I don't owe helb anything. I will check on which bank it is out of the 28 banks that I have borrowed from in the last 14 years.. Maraya ma bengi! @Kaigangio, Aki ya Ngai!!! Njinga wewe!!!. Is there a law prohibiting one from borrowing from as many institutions as one can? Wachana na matusi bwana. @baratang...wi mukamba nda uya wisii mukikuyu ni king'ei... What is the difference between your borrowing habits in the last 14 years and that of a highly charged prostitute who jumps from one house to another looking for a man to **** her and eventually she cannot even tell which man scored the goal. ...besides, the presence of a safe alone does not signify that there is money inside...
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Rank: Elder Joined: 7/22/2009 Posts: 7,460
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Baratang wrote:Swenani wrote:Baratang wrote:Swenani wrote:Baratang wrote:Received: Sep 29
Dear Baratang, You qualify for a loan of up to KES 7500.00. To apply for a loan, access KCB Mpesa in the MPESA menu.
On applying for a loan of ksh 5000…
Received: 11:17
Dear Baratang, you have been listed at the Credit Reference Bureau therefore we cannot process your loan request. Kindly call CRB on 0709834000 for more info
Nugu!!!NKT!! Lipa deni wacha siasa ya umaskini Those idiots should have checked the CRB first before writing to inform me that I had qualified for a loan while I didn't, at least according to them. Ichidwe!!! You should have known that you defaulted on your repayment and clear your outstanding debts before applying for the next one I owe nobody nothing. I do not know who took my name to CRB. Probably a mechanic in Kariobangi who syphoned my fuel to half tank when I gave him my car to change the break pads!¡!¡! You take your car to Kariobangi mechanics??? And you leave it in their care??? seriously?? Unless it is an old school vehicle like @Njung'es Bijoti which no other mechanic can understand, and spare parts can only be found in Kariobangi (scrap!), Kariobangi is a no no!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) punda amecheka
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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This is for the fun of it, not that I needed the loan. But to prove akina MaichBlack life is now better for Wanjiku. I have never owned a KCB account punda amecheka
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. Mark 12:29
Deuteronomy 4:16
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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guru267 wrote:newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. From 120/95% to 40/50%, that in my view is better!!! In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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guru267 wrote:newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. Hurry while stocks last, price was Kes 100 now it's Kes 99 If Obiero did it, Who Am I?
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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guru267 wrote:newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. It is better for wanjiku. So the hell tells you to take 7500 today and pay back the 7500 at end of month and just add 293.25 facilitation fee.just take a breather and Look at the psychology behind it...wanjiku has no time to do complex annual mathematics pegged on complex compound interest. No!!!we as wanjiku live for today and never 12 months after taking the loan ..so it is working for kcb .
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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enyands wrote:guru267 wrote:newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. It is better for wanjiku. So the hell tells you to take 7500 today and pay back the 7500 at end of month and just add 293.25 facilitation fee.just take a breather and Look at the psychology behind it...wanjiku has no time to do complex annual mathematics pegged on complex compound interest. No!!!we as wanjiku live for today and never 12 months after taking the loan ..so it is working for kcb . No wonder they cut the borrowing period to one month. The risk premium at 48% p.a. more than caters for lending unsecured to Wanjiku.. And in the process Wanjiku gets deluded by the word "facilitation fee" Innovation at its best.  Mark 12:29
Deuteronomy 4:16
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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I'm paying that loan at end of month not year
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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guru267 wrote:enyands wrote:guru267 wrote:newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. It is better for wanjiku. So the hell tells you to take 7500 today and pay back the 7500 at end of month and just add 293.25 facilitation fee.just take a breather and Look at the psychology behind it...wanjiku has no time to do complex annual mathematics pegged on complex compound interest. No!!!we as wanjiku live for today and never 12 months after taking the loan ..so it is working for kcb . No wonder they cut the borrowing period to one month. The risk premium at 48% p.a. more than caters for lending unsecured to Wanjiku.. And in the process Wanjiku gets deluded by the word "facilitation fee" Innovation at its best. That's my point. Innovated inventions had very simple stupid ideas behind which were hidden from the user's of those items. They both get their needs satisfied . Banks get their 48% profit as wanjiku gets better deal than local shylocks. Personally I know it's a rip off because I'm able to compute the projected math but not 80% of wanjiku
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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enyands wrote:guru267 wrote:enyands wrote:guru267 wrote:newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. It is better for wanjiku. So the hell tells you to take 7500 today and pay back the 7500 at end of month and just add 293.25 facilitation fee.just take a breather and Look at the psychology behind it...wanjiku has no time to do complex annual mathematics pegged on complex compound interest. No!!!we as wanjiku live for today and never 12 months after taking the loan ..so it is working for kcb . No wonder they cut the borrowing period to one month. The risk premium at 48% p.a. more than caters for lending unsecured to Wanjiku.. And in the process Wanjiku gets deluded by the word "facilitation fee" Innovation at its best. That's my point. Innovated inventions had very simple stupid ideas behind which were hidden from the user's of those items. They both get their needs satisfied . Banks get their 48% profit as wanjiku gets better deal than local shylocks. Personally I know it's a rip off because I'm able to compute the projected math but not 80% of wanjiku I think you all miss the point of such loans and how the normal mwananchi gets help from such facilities...not everyone has the luxury to get a bank loan or has friends who can advance them cash. possunt quia posse videntur
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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maka wrote:enyands wrote:guru267 wrote:enyands wrote:guru267 wrote:newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. It is better for wanjiku. So the hell tells you to take 7500 today and pay back the 7500 at end of month and just add 293.25 facilitation fee.just take a breather and Look at the psychology behind it...wanjiku has no time to do complex annual mathematics pegged on complex compound interest. No!!!we as wanjiku live for today and never 12 months after taking the loan ..so it is working for kcb . No wonder they cut the borrowing period to one month. The risk premium at 48% p.a. more than caters for lending unsecured to Wanjiku.. And in the process Wanjiku gets deluded by the word "facilitation fee" Innovation at its best. That's my point. Innovated inventions had very simple stupid ideas behind which were hidden from the user's of those items. They both get their needs satisfied . Banks get their 48% profit as wanjiku gets better deal than local shylocks. Personally I know it's a rip off because I'm able to compute the projected math but not 80% of wanjiku I think you all miss the point of such loans and how the normal mwananchi gets help from such facilities...not everyone has the luxury to get a bank loan or has friends who can advance them cash. Maka with due respect we get it that's why I mentioned it's better than local shylocks .but in a long run its very expensive .that's what I and guru267 are addressing
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Rank: Elder Joined: 2/27/2007 Posts: 2,768
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guru267 wrote:newfarer wrote:Here Is a success story Dear newfarer , your loan of KES 7500.00 has been processed. KES 7206.75 has been sent to your KCB M-PESA Account with a facility fee of KES 293.25 deducted. Your monthly repayment of KES 7500.00 is due on 30/10/2016 for a period of 1 month(s) So you paid a 4% for a one month facility? Adds up to 48% p.a. so I don't really see how this is better for Wanjiku.. @guru267...wewe ulisomea hesabu wapi? Let us look at your fallacy... In September 2016 @newfarer takes a loan of kshs 7500 and pays kshs 293.25 being interest totalling kshs 7500.00 in payment after one month.. in October 2016 he will take another loan of kshs 7206.75 and pay kshs 293.25 in interest again totaling kshs 7500.00 in payment after another month. In November 2016 another one of kshs 7206.75 at kshs 293.25 as interest. Assuming that @newfarer will be taking a loan on a monthly basis, after one year @newfarer will have borrowed kshs 7206.75 x 12 = kshs 86,481.00 and the total interest will be kshs 293.25 x 12 = kshs 3519.00 for the year. therefore average interest rate for newfarer alone on money borrowed in one year will be (3519/86,481) x 100% = 4.069%Let me also remove that false reasoning that people are peddling here about mshwari loans at 7.5% per month interest adds to 90% per year...this is total rubbish!!! Why? I borrow kshs 6000.00 at 7.5% interest or kshs 450.00 after one month. In one year, I will have borrowed a total of kshs 6000.00 x 12 = 72,000.00 and the total interest will be kshs 450.00 x 12 = kshs 5400.00. Average interest rate that has been charged on all the moneys borrowed within the year is (5400/72,000) x 100% = 7.5% for the year. Actually in both the cases Wanjiku is benefitting immensely, only that KCB Mpesa is lower in interest. So tafadhari wacheni kudanganyana.... ...besides, the presence of a safe alone does not signify that there is money inside...
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