Mobile credit is the new ‘cash cow’ that is attracting a majority of investors owing to its lucrative high return on investments through short-term loans disbursed with hefty interest rates.
Despite their ‘exploitative’ business model being in the public domain, most Kenyans find themselves drawn to their services, not by choice but rather necessity due to the ever-worsening state of the economy dotted with inflation, unemployment and redundancy crises.
Consequently, the majority of borrowers are unable to repay the loans upon due dates and as a result they are forced to endure numerous harassment techniques from lenders in a bid to recover their loans.
Some opt for bombarding defaulters with endless calls and messages, threats of CRB listing and demand letters via email while others go ahead and make calls to contacts available in the users phone book.
While this might seem like an extreme method of invasion of privacy, it is actually within their mandate to do so since it is hidden somewhere in-between the extensive texts that make up the Terms and Conditions which NO-ONE bothers to read anyway!
To save you the hustle of identifying the loan apps that might cause you such embarrassment, we have listed a few culprits below.
Okash is a loan app offered by OneSpot Technology Ltd that offers loans ranging from Ksh 2500 – Ksh 50,000 at 14 and 21 day repayment durations.
A scroll through their reviews reveal some of the discomfort some of its users have had to endure after using their service.
Some even facing embarassment of due loans that were non-existent.
Opesa is a loan app offered by TK Ltd that offers loans ranging from Ksh 2,000 – Ksh 10,000 at 14 day repayment period.
Some claims are that the harrassment begins on day 1 of loan default with numerous calls to borrowers and contact referees.
The issue of calling one’s contacts is still a reality.
Bayes is a loan app offered by Bi Capital Ltd that offers loans ranging from Ksh 800 – Ksh 30,000 at repayment periods of 14 and 30 days.
Bayes do not hide the fact that they indeed call the contact provided during registration BUT only when the borrower is not co-operative during repayment.
LionCash is a loan app offered by LionCash Kenya that offers loans ranging from Ksh 500 – Ksh 50,000 for 15 days.
LionCash also admits to calling only contacts that have been authorized by the borrower if the later is not responsive during repayment.
5. Zash loan ( Kopa Kash )
Zash loan is a loan app offered by Kopa Kash that offers loans ranging from Ksh 500 – Ksh 50,000 for 7-14 days.
IPesa loan app is offered by XCredit. iPesa loans range from Ksh2,000 to Ksh10,000.
Below are some screenshots of what users had to say regarding Ipesa calling contacts.
Kashway is a loan app by Wakanda credit that offers loans amounts of Ksh500 to Ksh50,000
Below as some of the users posting negative reviews on the app regarding contacting phone-book lists.