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starting a shylock biz
kangi
#1 Posted : Thursday, July 23, 2009 7:15:00 AM
Rank: Member


Joined: 7/23/2009
Posts: 526
Hi guys I just started a shylock biz this week and so far ave made around 10k with an initial capital of 80k. I want to do it in a manner that it is a bit formal and am seeking opinions of those who r already doin it esp in the city centre. All comments r welcome. Thanks guys. I've always liked ur contributions though some r of humor.

Godisnowhere
Accept no one's definition of your life; define your life.
McReggae
#2 Posted : Thursday, July 23, 2009 7:38:00 AM
Rank: Elder


Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
Kwani wat is your interest rate..........that return is too high for less than one week operations!!!!!


The chief value of money lies in the fact that one lives in a world in which it is overestimated.
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
kangi
#3 Posted : Thursday, July 23, 2009 7:45:00 AM
Rank: Member


Joined: 7/23/2009
Posts: 526
@ mcreggae am currently charging an interest of 20% the only thing is that am lending guys to cash clear their sacco loans. Immediately they clear my money is returned plus the interest regardless of the time taken. What am lookin 4 r the finer details on how I can get my money back in case some one is defaulting.

Godisnowhere
Accept no one's definition of your life; define your life.
jaribu
#4 Posted : Thursday, July 23, 2009 8:06:00 AM
Rank: Member


Joined: 5/23/2007
Posts: 441
Is shylock biz legal?

bY aNy MeAns NecEsSaRy.....
McReggae
#5 Posted : Thursday, July 23, 2009 8:09:00 AM
Rank: Elder


Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
im starting mine this weekend n thinking of charging 10% per week and taking security mainly electronics of value double da sum borrowed,also getting ma lawyer to draft some agreement forms!

The chief value of money lies in the fact that one lives in a world in which it is overestimated.
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
JDS
#6 Posted : Thursday, July 23, 2009 8:13:00 AM
Rank: Member


Joined: 6/17/2009
Posts: 42
Where are you located i sent you customers. There some guys disturbing me,they want some cash.
kangi
#7 Posted : Thursday, July 23, 2009 8:27:00 AM
Rank: Member


Joined: 7/23/2009
Posts: 526
@ jaribu am not sure whether its legal coz of the fact that one can borrow and lend not only thro commercial banks but thro other means.What is needed is an acknowledgement of debt and a commitment to pay the same that can be enforced.

@jds am in the process of ensuring that I can get my money back thro an enforceable means n then I proceed to lend to other fellows. currently am dealing with my colleagues before I move to other clients.

Godisnowhere
Accept no one's definition of your life; define your life.
Kwanini
#8 Posted : Thursday, July 23, 2009 9:21:00 AM
Rank: Member


Joined: 1/28/2009
Posts: 353
Location: Cloud
shylocking is illegal blah blah. What you need to do is ensure your back is well covered when s*** happens. MAke sure you have something to fall back to incase the inevitable happens. And why is it BANKERS incl. their managers of all people,should be falling over each other to get shylock loans? i thot you guyz yo ooze cash all tha time??


For i am the master and the captain of my fate !
"For i am the master and the captain of my fate"
Layman
#9 Posted : Friday, July 24, 2009 11:15:00 AM
Rank: Member


Joined: 9/21/2006
Posts: 422
Location: Nairobi
Hi Kangi,Did you say somebody borrowed cash to clear sacco loan? That must be a very huge lie,may be the reverse could be true,borrow sacco loan to clear shylock loan!

The future is already here!
Eddiemundu
#10 Posted : Friday, July 24, 2009 12:21:00 PM
Rank: Member


Joined: 4/23/2007
Posts: 67
@KINGI,

Just know that Shylock biz is one trade that only resembles that of Fkcing Praying Manties..It starts as a Drooling,mouth waterering adventure that shortly ends in tragedy and misbelive..

The clients who queu at yua doorstep wanting money are desperate and eager to get yua cash and duck for good..

it will fool yu that the biz is 'RIPE' but when pple bring stollen goods as collateral,yu will be known by all Cops around and yu will the King of the Underwolrd.Lush with cash but always walking while looking over yua sholder.

Its a Cursed Business...when yu sell someone's TV that they had bought with their hard earned cash coz they cant pay the exorbitant Interest,the curse is on you right away !

Ive been there and its like Hay Fire..It burns high but cant last for long b4 it goes out !






M'c Kende Siafu !
wote
#11 Posted : Friday, July 24, 2009 1:43:00 PM
Rank: Member


Joined: 10/18/2007
Posts: 217
@kangi that is very good,forget about what the law books say. To be very honest with you,what you are doing is no different from what all the Kenyan banks do. They all shylock'.

Layman,one can borrow from a shylock to pay off a sacco loan if you intend to take another loan from your sacco but still have a small balance to clear.



wote
Poggie
#12 Posted : Friday, July 24, 2009 3:20:00 PM
Rank: Member


Joined: 10/27/2008
Posts: 94
'He who increases his wealth by interest and usury Gathers it for him who is gracious to the poor.'[Proverbs 28:8]. I once worked for a bank and like you saw an opportunity to lend to my colleagues on usury. (Banker's are the brokest salaried white collar workers I have ever met) then I came across this verse and did some soul searching. I am glad I did not pursue that angle further. I hope I have helped you.


As a man thinketh so is he
As A Man Thinketh So is He
McReggae
#13 Posted : Saturday, July 25, 2009 9:40:00 AM
Rank: Elder


Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
Come on guyz,when mama mboga buys an orange for 4 bob and sells it for 5 bob afta 3 days,calculate the margins,dont scare a brother,bizna ni bizna so long as u can cover ua back,those who kam for da money are desperate yes,u help n charge da phaking interest!

The chief value of money lies in the fact that one lives in a world in which it is overestimated.
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
Hi-Lo
#14 Posted : Saturday, July 25, 2009 12:51:00 PM
Rank: Member


Joined: 10/5/2007
Posts: 91
...pple will always run low on fundage...nothing wrong sinking your teeth into them as you hunt for food...

Playing the stock market without insider info...is like buying a cow in the moonlight.
McReggae
#15 Posted : Saturday, July 25, 2009 4:45:00 PM
Rank: Elder


Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
Hi-lo,spot on,any business involves taking advantage of da customers!

The chief value of money lies in the fact that one lives in a world in which it is overestimated.
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
Kusadikika
#16 Posted : Saturday, July 25, 2009 7:16:00 PM
Rank: Elder


Joined: 7/22/2008
Posts: 2,703
Kangi,

The devil in this whole thing is in the detail of this:

' What am lookin 4 r the finer details on how I can get my money back in case some one is defaulting.'

Right there my friend is the 'E=MC squared' upon which hundreds of trillions of dollars worth of what is commonly called the banking business is founded. Do you know how much they pay Adan Mohammed,or Martin Oduor Otieno or James Mwangi? Well I don't know either but I reckon it is not a small amount of money. But this I can tell you for sure it is so that they can work on the ' finer details on how I can get my money back in case some one is defaulting.' But this task is so huge and critical that these guys cant do it on their own so they go out and look for hundreds of hardworking people to work with them through this ardous task. Because all these people cannot work from home they buy or rent premises for them and put them to crack the above code in offices called BANKS,sounds familiar. But even this is not enough,they get some extremely brilliant lawyers to write mountains of pages of documents upon which the lender will sign and ensure they get their money back. You might be thinking all this work just for the simple straight forward problem of ' finer details on how I can get my money back in case some one is defaulting' just how fine are those finer details? Well,bankers after hiring bankers and lawyers and lobbying to get the most stringent laws to favour them still need to hire debt collectors and auctioneers to tie up the loose ends. Are you up to the task my dear Kangi?
I was thinking the other day that if they were interested and organised themselves professionally,the Mungiki have the potential to run an extremely effective debt collection agency and am sure banks would be very glad to hire them. Debt collection is that bad!!!

Weusi wa nywele za mshtakiwa zaonyesha ujinga alio nao
McReggae
#17 Posted : Sunday, July 26, 2009 8:44:00 AM
Rank: Elder


Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
Kangi,make shua that for every amount u give out da security is more than double da amount,da pple must produce da purchase receipts,do an auction every to sell da defaulters' items,there r hurdles of coz but dont be put off!

The chief value of money lies in the fact that one lives in a world in which it is overestimated.
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
kangi
#18 Posted : Sunday, July 26, 2009 3:30:00 PM
Rank: Member


Joined: 7/23/2009
Posts: 526
@ layman I think u didnt get it what I meant is exactly as wote explained. I believe in this kind of transaction its a win-win the guy gets a new loan and is able to sort his problem.

@eddiemtu- doesnt mean that simply one guy is unable to continue or has failed in a venture others should not dare pursue that line. Me thinks that when one opens a clothes shop more should follow suit and the area will b known as a clothes mall or as the exhibitions do.

Someone told me that to b successful I need to have some macho auctioneers in hand and some form of template that cedes ownership to me in case of defaulting.
otherwise thanks guys for ur contributions n I will really try to cover my back.

Godisnowhere- God is now here
Accept no one's definition of your life; define your life.
Kwanini
#19 Posted : Monday, July 27, 2009 8:43:00 AM
Rank: Member


Joined: 1/28/2009
Posts: 353
Location: Cloud
Kangi,if u bin around nbi,there is this old man who used to operate hapo ICEA karibu na booths. His specialty woz people with a PD cheque+reference on his database. After kindu 7 years,no one knows what hapnd. Rumours has it they are still looking for his torso.

1. Not to discourage you- remember anyone who goes to shylocks has a loose nut somewhere. Its never win win.
2. All the cops sooner or later will be at your doorstep. To assist over a small matter.-
3. The higher the risk the higher and sweeter the returns. Go for it man- if u got nerves of steel!!!

For i am the master and the captain of my fate !
"For i am the master and the captain of my fate"
Ebenyo
#20 Posted : Wednesday, July 20, 2016 9:25:33 AM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,997
Location: Kitale
kangi wrote:
Hi guys I just started a shylock biz this week and so far ave made around 10k with an initial capital of 80k. I want to do it in a manner that it is a bit formal and am seeking opinions of those who r already doin it esp in the city centre. All comments r welcome. Thanks guys. I've always liked ur contributions though some r of humor.

Godisnowhere


How did the business go?
Towards the goal of financial freedom
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