• Mon. Mar 27th, 2023

“We Are Not In The Business Of Shylocks”, Mwananchi Credit Defends Self

Jan 26, 2023
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A money lending institution has raised a red flag over they termed as failure by majority of Kenyans to pay loans.

The stakeholders argue that despite understanding the loan agreement payment terms most of them are defaulting willingly claiming that the interest is higher.

Speaking today General Manager Mwananchi Credit Gitonga Muriithi said money lending institutions have struggling with borrowers who when questioned after defaulting rush to court for orders.

“The reality is that everyone is usually very happy when taking this money but when it comes to pay back they now develop the narrative that they are being harrassed”, he said.

Muriithi said that despite taking time to educate Kenyans and laying terms on the table, some borrowers just default and do so unapologetic.

“We are all in the business of making money. Anytime you see us going to auctioneers is because our client has refused to cooperate”, he said.

“There are some when you even place your car as collateral and this means when you default we should come for it. Interestingly when we do so, you will still find someone fighting back even creating malice stories”, he added.

In his advice, Muriithi urged Kenyans to always do due diligence before entering into any agreement involving money.

“Please take your time read and read again. If you don’t find these terms comfortable with you please don’t take the loan. Taking money is not a one day process. We do evaluations of everything. It’s interesting that after one uses all the money they claim interest “, he said.

“Our motivation is to help individuals and businesses that are struck to rise bounce back again”, he said.

Muriithi said as a lender they have helping many clients to extend and change payment dates without any penalties.

“We take our clients free advice. We follow them closely until they understand what is right and prudent”, he said.

The general manager also urged borrowers to do research of a company before doing business with it.

“Kenyans need to know that taking loans you must pay. Even if you fight the lender, you must pay the loan,,”he said.

The lender offers tailor-made financial solutions to our customers, both individuals and SMEs.

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