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Law Capping interest rates
KulaRaha
#1181 Posted : Tuesday, September 20, 2016 8:50:32 AM
Rank: Elder


Joined: 7/26/2007
Posts: 6,514
Mshwari under sieke on Twitter.....will they survive?
Business opportunities are like buses,there's always another one coming
FRM2011
#1182 Posted : Tuesday, September 20, 2016 8:54:14 AM
Rank: Elder


Joined: 11/5/2010
Posts: 2,459
KulaRaha wrote:
Mshwari under sieke on Twitter.....will they survive?


They will. Equity has just announced that over and above the interest rate, there is an appraisal fee based on the tenor of the loan.
watesh
#1183 Posted : Tuesday, September 20, 2016 9:24:50 AM
Rank: Veteran


Joined: 8/10/2014
Posts: 964
Location: Kenya
FRM2011 wrote:
KulaRaha wrote:
Mshwari under sieke on Twitter.....will they survive?


They will. Equity has just announced that over and above the interest rate, there is an appraisal fee based on the tenor of the loan.

Hahahaha next up KCB-MPesa...
maka
#1184 Posted : Tuesday, September 20, 2016 9:37:33 AM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
FRM2011 wrote:
KulaRaha wrote:
Mshwari under sieke on Twitter.....will they survive?


They will. Equity has just announced that over and above the interest rate, there is an appraisal fee based on the tenor of the loan.


The thing is either way you look at it....it will still be cheaper than what they were charging before the cap.
possunt quia posse videntur
bird_man
#1185 Posted : Tuesday, September 20, 2016 9:37:46 AM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
watesh wrote:
FRM2011 wrote:
KulaRaha wrote:
Mshwari under sieke on Twitter.....will they survive?


They will. Equity has just announced that over and above the interest rate, there is an appraisal fee based on the tenor of the loan.

Hahahaha next up KCB-MPesa...

KCBMpesa actually has stopped lending while Equity has reduced loan limits.
Formally employed people often live their employers' dream & forget about their own.
kayhara
#1186 Posted : Tuesday, September 20, 2016 12:40:49 PM
Rank: Veteran


Joined: 5/5/2011
Posts: 1,059
bird_man wrote:
watesh wrote:
FRM2011 wrote:
KulaRaha wrote:
Mshwari under sieke on Twitter.....will they survive?


They will. Equity has just announced that over and above the interest rate, there is an appraisal fee based on the tenor of the loan.

Hahahaha next up KCB-MPesa...

KCBMpesa actually has stopped lending while Equity has reduced loan limits.

M-shwari with their high rates will continue to dominate, they knoe guys who take the loans take them because they need the money immediately and are in need, you can actually ask for an mshwari loan while a supermarket cashier is scanning your goods and get it by the time they ask you to pay, KCB is a kujaribu, most guys try KCB first it takes so long that they end up going to mshwari, equity is another story, you need either a dual sim phone or a separate phone, for withdrawal I see most guys sending the loan cash from their equitel to saf and withdraw from mpesa.
For most kenyans mobile loans are not about cost but accessibility
To Each His Own
bird_man
#1187 Posted : Tuesday, September 20, 2016 12:52:36 PM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
kayhara wrote:
bird_man wrote:
watesh wrote:
FRM2011 wrote:
KulaRaha wrote:
Mshwari under sieke on Twitter.....will they survive?


They will. Equity has just announced that over and above the interest rate, there is an appraisal fee based on the tenor of the loan.

Hahahaha next up KCB-MPesa...

KCBMpesa actually has stopped lending while Equity has reduced loan limits.

M-shwari with their high rates will continue to dominate, they knoe guys who take the loans take them because they need the money immediately and are in need, you can actually ask for an mshwari loan while a supermarket cashier is scanning your goods and get it by the time they ask you to pay, KCB is a kujaribu, most guys try KCB first it takes so long that they end up going to mshwari, equity is another story, you need either a dual sim phone or a separate phone, for withdrawal I see most guys sending the loan cash from their equitel to saf and withdraw from mpesa.
For most kenyans mobile loans are not about cost but accessibility

Spot on!For Equity I was told I need a new sim and I dont have a dual sim phone.KCB I requested on Friday na sijapata bado!I once almost got listed after my 2K disappeared after a loan repayment. I got into an argument with them saying Safcom had not sent the money to them...meanwhile I was getting threatening calls.I'd rather MShwari...more predictable and accessible.
Formally employed people often live their employers' dream & forget about their own.
Impunity
#1188 Posted : Tuesday, September 20, 2016 1:28:46 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,325
Location: Masada
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

bird_man
#1189 Posted : Tuesday, September 20, 2016 2:20:55 PM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?
Formally employed people often live their employers' dream & forget about their own.
Shak
#1190 Posted : Tuesday, September 20, 2016 3:12:37 PM
Rank: Elder


Joined: 2/22/2009
Posts: 2,449
Location: Africa
bird_man wrote:
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?

That's funny. Just checked mine and both my easy plus and easy loan limits have increased
bird_man
#1191 Posted : Tuesday, September 20, 2016 3:41:45 PM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
Shak wrote:
bird_man wrote:
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?

That's funny. Just checked mine and both my easy plus and easy loan limits have increased

Strange.For easy loan I had a limit of 30K last week, dont know what happened. Anyway lets watch.
Formally employed people often live their employers' dream & forget about their own.
newfarer
#1192 Posted : Tuesday, September 20, 2016 3:47:43 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,504
Location: Uganda
bird_man wrote:
Shak wrote:
bird_man wrote:
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?

That's funny. Just checked mine and both my easy plus and easy loan limits have increased

Strange.For easy loan I had a limit of 30K last week, dont know what happened. Anyway lets watch.



How will they make money to pay me 7.35 % deposit? These banks are just throwing tantrums, they will come back begging. No more time for vampires
punda amecheka
Impunity
#1193 Posted : Tuesday, September 20, 2016 6:13:08 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,325
Location: Masada
bird_man wrote:
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?


Use welding machine as a collateral.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

Bree
#1194 Posted : Tuesday, September 20, 2016 6:17:24 PM
Rank: Member


Joined: 7/17/2008
Posts: 478
Location: Old Trafford
Can't get any juicier if this is legit..'CBK lowers CBR to 10% on concerns of slowdown in private sector credit; pledges to continue monitoring impact of interest cap law.'

Wanjiku smiling all the way to the bank.
guru267
#1195 Posted : Tuesday, September 20, 2016 6:42:10 PM
Rank: Elder


Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
Impunity wrote:
bird_man wrote:
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?


Use welding machine as a collateral.


The Banks will choke the living daylights out of Wanjiku until there are protests to reverse this useless law...

Meanwhile they will shift focus to corporate customers, high net worth individuals, T bills and regional subsidiaries...
Mark 12:29
Deuteronomy 4:16
enyands
#1196 Posted : Tuesday, September 20, 2016 6:58:12 PM
Rank: Elder


Joined: 12/25/2014
Posts: 2,300
Location: kenya
guru267 wrote:
Impunity wrote:
bird_man wrote:
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?


Use welding machine as a collateral.


The Banks will choke the living daylights out of Wanjiku until there are protests to reverse this useless law...

Meanwhile they will shift focus to corporate customers, high net worth individuals, T bills and regional subsidiaries...


Banks are going to shed off some employees to cut costs.
bird_man
#1197 Posted : Tuesday, September 20, 2016 7:02:02 PM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
guru267 wrote:
Impunity wrote:
bird_man wrote:
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?


Use welding machine as a collateral.


The Banks will choke the living daylights out of Wanjiku until there are protests to reverse this useless law...

Meanwhile they will shift focus to corporate customers, high net worth individuals, T bills and regional subsidiaries...

The Act will be reversed...perhaps after elections.It's very good for employees with high salaries and structured business. Mama mboga and the likes cannot meet eligibility criteria anymore.
Formally employed people often live their employers' dream & forget about their own.
maka
#1198 Posted : Tuesday, September 20, 2016 7:13:38 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
bird_man wrote:
guru267 wrote:
Impunity wrote:
bird_man wrote:
Impunity wrote:
bird_man wrote:
So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits!


What are the new limits?

Have they also reduced the Ezzyloan limits?

Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now.
I still think interest capping is a mistake.
Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure?


Use welding machine as a collateral.


The Banks will choke the living daylights out of Wanjiku until there are protests to reverse this useless law...

Meanwhile they will shift focus to corporate customers, high net worth individuals, T bills and regional subsidiaries...

The Act will be reversed...perhaps after elections.It's very good for employees with high salaries and structured business. Mama mboga and the likes cannot meet eligibility criteria anymore.


With UK and WSR in power this thing will never be reversed...
possunt quia posse videntur
holycow
#1199 Posted : Tuesday, September 20, 2016 7:20:37 PM
Rank: Veteran


Joined: 11/11/2006
Posts: 971
Location: Home
Quote:
GetIT411:
CBK cuts CBR rate to 10pc in move likely to further push more banks to lower interests to 14pc in line with the new law. www.capitalfm.co.ke
watesh
#1200 Posted : Tuesday, September 20, 2016 7:50:04 PM
Rank: Veteran


Joined: 8/10/2014
Posts: 964
Location: Kenya
CBR has been lowered. Another hit in the nuts for the banks....
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