By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Kajiado: Unregulated Shylocks Wreak Havoc on Desperate Residents
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Metro > Kajiado: Unregulated Shylocks Wreak Havoc on Desperate Residents
Metro

Kajiado: Unregulated Shylocks Wreak Havoc on Desperate Residents

Ivy Irungu
Last updated: May 30, 2024 10:16 am
Ivy Irungu
1 year ago
Share
SHARE

The emergence of unregulated lenders, commonly known as shylocks, in Rongai, Ngong, and Kiserian towns in Kajiado County is raising significant concerns among residents. These lenders target individuals facing financial difficulties and impose exorbitant interest rates, trapping borrowers in exploitative agreements.

Residents report that these shylocks charge interest rates as high as 30 percent per week, translating to 120 percent monthly or 1440 percent annually. In comparison, formal financial institutions such as Saccos and banks offer much lower interest rates, making the shylocks’ practices highly predatory.

Despite presenting themselves as convenient alternatives to traditional financial institutions burdened with lengthy procedures, these shylocks often deceive borrowers.

They exploit individuals in dire financial situations, luring them into agreements with harsh terms and severe consequences for default.

Victims of these shylocks share harrowing stories of losing valuable assets, such as cars, laptops, and even land, due to their inability to repay loans with exorbitant interest rates.

The lack of regulation in these areas allows shylocks to operate with impunity, preying on vulnerable borrowers who fail to scrutinize the terms and conditions carefully.

READ MORE  I'm a strong believer and advocate of cheating back - Married Nigerian woman says

The plight of those who have lost their homes, land, and other assets underscores the urgent need for protective measures against predatory lending practices. Borrowers are urged to exercise caution, explore alternative sources of financing, and unite against the exploitation perpetuated by these unscrupulous lenders.

Legal experts emphasize the importance of borrowers verifying the legitimacy of lenders and avoiding unregulated moneylenders. While the Kenyan Law of Contracts recognizes written agreements, it provides limited protection for individuals who fall victim to exploitative lending practices.

Overall, concerted efforts are needed to address the growing problem of unregulated lending in Kajiado County and protect vulnerable borrowers from exploitation by shylocks.

Tears of a mother: Justice over dead one-year-old child in Makueni jail
34-year-old woman handed 17-year-jail term for killing her 2 children to please lover
Inside the thrilling July heist in a supermarket by wanted Kisii gang
Court orders inquest into Jeff Mwathi ‘s death
Boda boda rider and accomplice in court for impersonating Gachagu’s wife
Share This Article
Facebook Email Print
Previous Article Abuti carries Kenya’s only Olympic boxing hopes
Next Article We have decreased food prices—Ruto
about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • #Arsenal: Richards gives verdict on Gyokeres, advises Arteta to replace Martinelli with Eze
  • Hulk Hogan’s estranged daughter reveals why she skipped his funeral
  • Former Arsenal star, Thomas Partey allowed to move to Spain and sign for Villarreal after being granted bail over five r@pe charges against two women
  • CHAN: Why Senegal beat Nigeria – Super Eagles coach, Chelle
  • #EPL: Wilshere set for Arsenal return

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?