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Law Capping interest rates
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Angelica _ann
#1351 Posted : Saturday, October 01, 2016 1:55:44 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
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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Swenani
#1352 Posted : Saturday, October 01, 2016 3:40:38 PM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
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 99smile smile smile smile
If Obiero did it, Who Am I?
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enyands
#1353 Posted : Saturday, October 01, 2016 4:08:40 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
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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guru267
#1354 Posted : Saturday, October 01, 2016 4:27:22 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
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. Applause
Mark 12:29
Deuteronomy 4:16
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Swenani
#1355 Posted : Saturday, October 01, 2016 4:33:12 PM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
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 .

Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudlySad Sad Sad Sad Sad I don't whether I should laugh or dip my head in boiling water
At the end of the year, you would have paid over KES3500 for a loan of 7500.
If Obiero did it, Who Am I?
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enyands
#1356 Posted : Saturday, October 01, 2016 6:02:06 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
Swenani 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 .

Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudlySad Sad Sad Sad Sad I don't whether I should laugh or dip my head in boiling water
At the end of the year, you would have paid over KES3500 for a loan of 7500.


I'm paying that loan at end of month not year
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enyands
#1357 Posted : Saturday, October 01, 2016 6:06:07 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
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. Applause



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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maka
#1358 Posted : Saturday, October 01, 2016 6:53:58 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
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. Applause



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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enyands
#1359 Posted : Saturday, October 01, 2016 7:05:26 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
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. Applause



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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Kaigangio
#1360 Posted : Saturday, October 01, 2016 7:06:10 PM
Rank: Elder

Joined: 2/27/2007
Posts: 2,768
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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  | | Edit by user: Saturday, October 01, 2016 7:13 PM | Reason: Not specified
303 Pages«<134135136137138>»
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