Blogger Cyprian Nyakundi has sent a series of tweets on the menace that is loan sharks in the Kenyan market.
“Something must be done about unregulated shylocks that are the cause of many suicides and misery in this country. They have spammed the whole country with adverts promising loans, yet as you get out with the condemned loan, a buyer of your car walks in!”, he began
Then continued, With an ever-tightening lending landscape by financing institutions & bureaucratic processes in accessing credit, many borrowers seek shylocks who chargee them an arm and a leg, leaving ordinary citizens poorer and more miserable than before. This industry must be regulated!
The promise of quick loans from shylocks is enticing at face value & has baited many unsuspecting borrowers who only need to fill a few papers and without background checks or sometimes no collateral yet many are scammers ready to tow and auction your car! Something must be done.