YoungD
Elder Lister
If it's well managed, it spell doom for predatory lending and scams like fuliza. Shida ni watu was kuwekelea(betting nonsense) might bring it down with unserviced debts.
Hustler fund launch.
- Thread starter Denis Young
- Start date
Field Marshal
Elder Lister
The good thing is that these will be weeded out when they don't pay the first 500. And remember it will be a crime not to repay...
Ubongo
Elder Lister
It makes a lot of economic sense to Wanjiku economy.....if for instance she can buy a stock of ksh 3000.... let's say vegetables....she will sell and repay the loan, borrow again and create her borrowing portfolio. If a boda guy doesn't have fuel money....he can borrow 1k.... and probably fuel his boda for like one week and repay the loan.
Kadogo economy is really going to expand.... for those who will repay
Kadogo economy is really going to expand.... for those who will repay
Field Marshal
Elder Lister
Rubbish. Absolute rubbish. Making credit affordable is a prerequisite of economic devt.
Mwalimu-G
Elder Lister
Consumption or production credit?
I agree with you on that. I hadn't noticed the short credit period of 2 weeks.
Denis Young
Elder Lister
This is why you have to build from scratch rather than people having access to 50k from the go. If you cannot pay back 500, you are locked out.
You will only have serious borrowers left considering each account is linked to an ID number. You can't use different cards to scam the system.
Tiiga Waana
Elder Lister
Aiii…my Bae. How can you criminalise or legislate poverty? Impossible, can’t happen in 2022.
Unless JSMS brings back the dreaded Debtor’s Prison.
pop in
Elder Lister
Timing ndio problem they should have pushed it to january Dec ni mwezi wa raha hii pesa only the very disciplined ones will benefit
Ubongo
Elder Lister
As it has been said, we are starting with low amount for almost everyone, with time, they will weed out jokers. Remember even other lending facilities had almost the same bottlenecks as they were starting but soon stabilized... those who were unable to pay were blocked and listed in CRB. This is the same thing that will happen.
The difference between this and others is that this is state owned fuuliza and the interest rate isn't so high
Field Marshal
Elder Lister
You are better than this. Who is criminalizing poverty?
The world over, borrowers are expected to pay up. If they don't sanctions apply. These can range from being excluded, being auctioned and being declared a bankrupt, to even doing jail-time.
Ama coz it's "govt" money different standards should apply?
Field Marshal
Elder Lister
Wacha ninyamaze...
Tiiga Waana
Elder Lister
Debts belongs to the purview of Contract Law and never Criminal Law for the very simple reason that Debts are entered into contractually and willingly.
Criminal Law deals with breaches of law where there is Intention to cause harm.
Not all People intentionally default on loans. It is in most cases matters of economic misfortune and rarely of blatant intention.
It is for this reason that Banks and other lending Institutions ask for collateral or Security so that they don’t suffer loss due to defaults.
Nobody is ever sanctioned Criminally for defaulting on loans but they lose their securities and other Personal Interests.
As I already mentioned above, maybe JSKS will be the first to change the Contract Law governing Debts to Medieval Laws where Defaulters are taken to Debtor’s Prison till their next of kin and friends clears the Debt.
Till then, rest assured that a Debtor can never be criminally liable for Defaulting on Debt.
Field Marshal
Elder Lister
I am no lawyer but I do know that until very recently, perhaps before the new Katiba, one could be taken to civil jail in Kenya for up to six months for not paying a debt.
And don't have the bonobo trait of forming arguments in your head and then replying to them yourself sweetheart. Where did I talk of criminal liability? I wouldn't want you to pass that trait to our bambinos...
Tiiga Waana
Elder Lister
There are no Debtor’s Prison in Kenya.
Nobody can be jailed for defaulting on a loan or a debt.
Banks and Lending Institutions always ask for Security whilst advancing Loans. Where no Security is held by a Bank as in cases of Personal Loans, a Bank insures it’s money so that it doesn’t loose incase of a Customer’s default.
So, you ask where you talked of criminal liability of this?
Nobody is ever taken to Prison for breach of a Contract, may it be a Loan or a Divorce, which I am contemplating for you seeing as it is that your reasoning is waning and bordering on senility.
Field Marshal
Elder Lister
I really, really, really find it extremely irritating when someone makes up shit in their head and then proceeds to push it as the gospel truth.
You want to say there's no civil jail in Kenya? Can you Gugu what Case 14 of 2019 in the High Court was/ is all about?
Also, kindly dial *254# and find the terms and conditions of the HF.
Perhaps then we can have a sensible, adult conversation removed from Utopian batshit.
Oh, yeah, and I love you sweetie
Tiiga Waana
Elder Lister
Civil jail happens all over the world every other day. It simply refer to a Prisoner who is imprisoned for a reason other than a Criminal One.I really, really, really find it extremely irritating when someone makes up shit in their head and then proceeds to push it as the gospel truth.
You want to say there's no civil jail in Kenya? Can you Gugu what Case 14 of 2019 in the High Court was/ is all about?
Also, kindly dial *254# and find the terms and conditions of the HF.
Perhaps then we can have a sensible, adult conversation removed from Utopian batshit.
Oh, yeah, and I love you sweetie
It could be driving violations, medical negligence, espionage or any other misdemeanour other than Criminal.
You cannot criminalise poverty or imprison because of it. Defaulting on Hustler’s Loan of Ksh 500 is poverty. You simply can’t criminalise it. Don’t you see?
Denis Young
Elder Lister
Must be @Mwalimu-G burner account.I really, really, really find it extremely irritating when someone makes up shit in their head and then proceeds to push it as the gospel truth.
You want to say there's no civil jail in Kenya? Can you Gugu what Case 14 of 2019 in the High Court was/ is all about?
Also, kindly dial *254# and find the terms and conditions of the HF.
Perhaps then we can have a sensible, adult conversation removed from Utopian batshit.
Oh, yeah, and I love you sweetie
Mwalimu-G
Elder Lister
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