Wazua
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Law Capping interest rates
Rank: Member Joined: 2/20/2007 Posts: 767
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penkon wrote:wukan wrote:tom_boy wrote:Where are those doomsayers, eti oooh, banks will not lend, oooooh , the end of kenyan economy, oooh sme will suffer from lack of credit. Wako wapi wajitokeze. In the history of Kenyan banks, no bank has ever collapsed because they lent to Wanjiku and that is a FACT. Be patient it's early days  . Time for reckoning will come. I'm sure you don't know Rural Urban creidt, Jimba credit, kenya savings & mortgages, Union bank of kenya etc nowadays its saccos, i believe its hard. those where politically fueled credit shops to fleece your village Exactly. Please give examples of banks that collapsed because they lent too much to common mwananchi. All banks that have collapsed to date was due to illegal insider lending or politically connected lending. Even the so called small banks will survive as long as they do prudent business. Downsize your staff, find a niche to lend to and do clean business. Even with as little as 1b to lend, a spread of 6% gives you 60m in gross income a year. Pretty decent cash. Just downsize and do clean business and leverage on technology. For once, the bank owners will have to use their money to make money. No more making outrageous profit from other peoples money. I repeat, no bank that does clean business will collapse. Banks that are already doing shady deals will collapse because the tap has been switched off. They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
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Rank: Member Joined: 2/20/2007 Posts: 767
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One way that banks have found to go around the rate cap regulation is to play around with tenor of a loan. Some have capped unsecured loan at 3yrs only and some at 1yr. This will accommodate the so called " high risk borrower" without punishing the good risk ones by having differing tenor for different risk categories. I think we needed this bill to stimulate innovative thinking in our bankers. They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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Banks that impose unnecessarily strict regimes of lending will suffer. This is an opportunity for a new "equity" to be born.
Banks that are overly strict will end up seeing the doldrums while those that adapt will see customer base grow.
In my laymans opinion, it may be positive for the exonomy as a whole
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Rank: Elder Joined: 12/4/2009 Posts: 10,663 Location: NAIROBI
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GOK will borrow cheaply for its officials to steal Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 13,488 Location: nairobi
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Ericsson wrote:GOK will borrow cheaply for its officials to steal That is as simple as it can be said
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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It's better when cheap money is stolen
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Rank: Elder Joined: 6/23/2009 Posts: 13,488 Location: nairobi
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streetwise wrote:It's better when cheap money is stolen Quantity shall be larger.. Think about it. We shall not lie low like an envelope. Soon and very soon we shall rise against the high priests in a fight to claim ethical leaders
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Why are you gonna wait for an year when things are already unfolding Ref to post #1122 and 1128 and Kastone gave the explanation "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 7/22/2009 Posts: 7,452
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One wonders @murchr! Why is @Obi "waiting" for things that are ALREADY happening??? Is it Barclays or which bank that sent messages to loan holders informing them of the reduction in interest rates on existing loans but they will have to be "collateralized"? 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: 7/22/2009 Posts: 7,452
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Deleted. 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: 7/22/2009 Posts: 7,452
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Deleted. Wazua's multiple posting malaria!!! 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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MaichBlack wrote:One wonders @murchr! Why is @Obi "waiting" for things that are ALREADY happening??? Is it Barclays or which bank that sent messages to loan holders informing them of the reduction in interest rates on existing loans but they will have to be "collateralized"? That has not happened for Barclay,no collateralization. I know someone with a salary based unsecured loan Barclays punda amecheka
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Rank: Member Joined: 5/14/2014 Posts: 288 Location: nairobi
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has any bank reduced rates on credit cards to 14.5%.Am tired of being milked dry by barclaycard. I find satisfaction in owning great business,not trading them
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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target1360 wrote:has any bank reduced rates on credit cards to 14.5%.Am tired of being milked dry by barclaycard. Uwongo the only charge you get from barclaycard if you pay your bills in time is the annual fees, classic card is 3000 pa. I have had it for the Last 9 years punda amecheka
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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This guys at CBA sijui M-suari will not know what hits them when they will be awake! M-Shwari loan charge not interest, CBA tells customersLook at this: I get a loan from Member at 1.2% pm with zero "charge". I get a free loan from CBA at a charge of 7.5% pm. Where do you think I will head to get some money? No brainer argument from this CBA.  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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newfarer wrote:target1360 wrote:has any bank reduced rates on credit cards to 14.5%.Am tired of being milked dry by barclaycard. Uwongo the only charge you get from barclaycard if you pay your bills in time is the annual fees, classic card is 3000 pa. I have had it for the Last 9 years You can also get cash directly from ATM at 6% pm fee/interest. Are you forgetting that? The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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newfarer wrote:target1360 wrote:has any bank reduced rates on credit cards to 14.5%.Am tired of being milked dry by barclaycard. Uwongo the only charge you get from barclaycard if you pay your bills in time is the annual fees, classic card is 3000 pa. I have had it for the Last 9 years With Member giving me Ezzy loan at 1.2% pm for Max. Kes. 150,100, do I really need a credit card? Why should I give someone kes. 3,000 pa for holding a plastic card? Really! Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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jerry wrote:newfarer wrote:target1360 wrote:has any bank reduced rates on credit cards to 14.5%.Am tired of being milked dry by barclaycard. Uwongo the only charge you get from barclaycard if you pay your bills in time is the annual fees, classic card is 3000 pa. I have had it for the Last 9 years You can also get cash directly from ATM at 6% pm fee/interest. Are you forgetting that? Member gets me kes.150,000 pm on the same damn ATM, but at 1.2%! Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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jerry wrote:newfarer wrote:target1360 wrote:has any bank reduced rates on credit cards to 14.5%.Am tired of being milked dry by barclaycard. Uwongo the only charge you get from barclaycard if you pay your bills in time is the annual fees, classic card is 3000 pa. I have had it for the Last 9 years You can also get cash directly from ATM at 6% pm fee/interest. Are you forgetting that? This is a no no to me, better just shop for merchandise with the card and sell to friends if I need cash punda amecheka
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Wazua
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Law Capping interest rates
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