Being a Shylock

Mongrel said:
Kuwa Shylock si kitu rahisi, saa hii niko na various items like TVs,fridges,microwaves etc,zile wenyewe waliacha as collateral for a soft loan, hizo loans zimepitisha due date lakini uzuri kulikuwa na written agreement, nauliza hao watu wanaweza kuwa na njia ya suing me ama waniroge?
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Close shop and run to the hills @Mongrel. Please. Do not dare look back as someone might recognise you and point you out on an Identity Parade!
If you really and truly value @Karma_mama and wishes to keep her for life, you would be advised to seek and advance a more legally leaning career choice. Otherwise atanyakuliwa na another Lister whilst you are cooling your heels in Kamiti.

Lending money for profit without a valid Consumer Credit Licence from Central Bank is a crime punishable by law.
Borrowing money from such individuals however is not criminal or illegal. Confused?

Well, unregulated money lending, working on the fridges of the law often take advantage of the borrowers by amongst others:
- giving astronomical and unmanageable interest rates
- harassing and even threatening with physical violence when payments are behind
-pressuring and forcing people to borrow even more to pay for original and prior loans.
- taking items (often times forcibly) from defaulters.
All these actions are inherently illegal as they compromise our human rights and rights to human dignity and decency.

By the way, a Shylock can never take you to Court for non payment as their business is illegal.
However, if you fear for your life and safety, you should pay and desist from ever borrowing from such shadowy characters.
 
Tiiga Waana said:
Close shop and run to the hills @Mongrel. Please. Do not dare look back as someone might recognise you and point you out on an Identity Parade!
If you really and truly value @Karma_mama and wishes to keep her for life, you would be advised to seek and advance a more legally leaning career choice. Otherwise atanyakuliwa na another Lister whilst you are cooling your heels in Kamiti.

Lending money for profit without a valid Consumer Credit Licence from Central Bank is a crime punishable by law.
Borrowing money from such individuals however is not criminal or illegal. Confused?

Well, unregulated money lending, working on the fridges of the law often take advantage of the borrowers by amongst others:
- giving astronomical and unmanageable interest rates
- harassing and even threatening with physical violence when payments are behind
-pressuring and forcing people to borrow even more to pay for original and prior loans.
- taking items (often times forcibly) from defaulters.
All these actions are inherently illegal as they compromise our human rights and rights to human dignity and decency.

By the way, a Shylock can never take you to Court for non payment as their business is illegal.
However, if you fear for your life and safety, you should pay and desist from ever borrowing from such shadowy characters.
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What about owning a pawn shop? Unaniletea jalopy yako at 130K you sign it over. Ukitaka kuikujia next week ni sawa, rakini utaripa 150K. Hakuna kontrakt inasema I'm lending you! Ni biachara TU.
 
bigDog said:
What about owning a pawn shop? Unaniletea jalopy yako at 130K you sign it over. Ukitaka kuikujia next week ni sawa, rakini utaripa 150K. Hakuna kontrakt inasema I'm lending you! Ni biachara TU.
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One is committing the crime of usury (lending money at excessive interest) while the other has act as pawn broker lending money with valuables as security. Big difference.
 
Tiiga Waana said:
One is committing the crime of usury (lending money at excessive interest) while the other has act as pawn broker lending money with valuables as security. Big difference.
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I thought you could charge any interest you want in Kenya. I thought Jude Njomo rules capping the interest rates were repealed. Collect me if I'm long on this one.
 
bigDog said:
I thought you could charge any interest you want in Kenya. I thought Jude Njomo rules capping the interest rates were repealed. Collect me if I'm long on this one.
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I am not sure what’s happening on the ground there at the moment but there is a material difference between reasonable and excessive.
I guess that’s why interest rates variations between banks are always very minimal and never above a 1%.
 
Tiiga Waana said:
One is committing the crime of usury (lending money at excessive interest) while the other has act as pawn broker lending money with valuables as security. Big difference.
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Mtu amechukua TV kwake amekuja nayo as collateral
Tiiga Waana said:
Close shop and run to the hills @Mongrel. Please. Do not dare look back as someone might recognise you and point you out on an Identity Parade!
If you really and truly value @Karma_mama and wishes to keep her for life, you would be advised to seek and advance a more legally leaning career choice. Otherwise atanyakuliwa na another Lister whilst you are cooling your heels in Kamiti.

Lending money for profit without a valid Consumer Credit Licence from Central Bank is a crime punishable by law.
Borrowing money from such individuals however is not criminal or illegal. Confused?

Well, unregulated money lending, working on the fridges of the law often take advantage of the borrowers by amongst others:
- giving astronomical and unmanageable interest rates
- harassing and even threatening with physical violence when payments are behind
-pressuring and forcing people to borrow even more to pay for original and prior loans.
- taking items (often times forcibly) from defaulters.
All these actions are inherently illegal as they compromise our human rights and rights to human dignity and decency.

By the way, a Shylock can never take you to Court for non payment as their business is illegal.
However, if you fear for your life and safety, you should pay and desist from ever borrowing from such shadowy characters.
Click to expand...
na Kama hao ndio walileta hizo items zikiwa Kama surety? Majority ya hao customers huchukua loan kwetu huwa wamewekwa kwa crb na hao watu wa mobile loans
 
Tiiga Waana said:
I am not sure what’s happening on the ground there at the moment but there is a material difference between reasonable and excessive.
I guess that’s why interest rates variations between banks are always very minimal and never above a 1%.
Click to expand...

Commercial loan ya family bank ni 13%. Personal loan ya Standard Chartered ni 14.5%. Ukichukua loan in USD utapata hata kwa 10% or less.
 
Tiiga Waana said:
Close shop and run to the hills @Mongrel. Please. Do not dare look back as someone might recognise you and point you out on an Identity Parade!
If you really and truly value @Karma_mama and wishes to keep her for life, you would be advised to seek and advance a more legally leaning career choice. Otherwise atanyakuliwa na another Lister whilst you are cooling your heels in Kamiti.

Lending money for profit without a valid Consumer Credit Licence from Central Bank is a crime punishable by law.
Borrowing money from such individuals however is not criminal or illegal. Confused?

Well, unregulated money lending, working on the fridges of the law often take advantage of the borrowers by amongst others:
- giving astronomical and unmanageable interest rates
- harassing and even threatening with physical violence when payments are behind
-pressuring and forcing people to borrow even more to pay for original and prior loans.
- taking items (often times forcibly) from defaulters.
All these actions are inherently illegal as they compromise our human rights and rights to human dignity and decency.

By the way, a Shylock can never take you to Court for non payment as their business is illegal.
However, if you fear for your life and safety, you should pay and desist from ever borrowing from such shadowy characters.
Click to expand...
Wewe,I engaged in this biz for years though I did not ask for security. ID number and an agreement that I as a individual,not a business,have loaned you a certain amount of money. Which would be returned at a later date. Trick was kupeana pesa sans interest but the full amount was in the short agreement we had and which is what was returned.
The characters @Mongrel loaned cash to often feel that they got more than the value of their item ..ndio wameingia mitini.

It does help if you are seen in the company of @Pamba 1 uniformed and in plain clothes in prominent place of the locality one operates in.
 
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Mongrel said:
Mtu amechukua TV kwake amekuja nayo as collateralna Kama hao ndio walileta hizo items zikiwa Kama surety? Majority ya hao customers huchukua loan kwetu huwa wamewekwa kwa crb na hao watu wa mobile loans
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And there is your answer. Can you put a defaulter on CRB and end the matter there? Are you in a position to call such bad debts and forgive and forget?

There is a reason one needs a loaning licence. These sectors have to be regulated Banae.

How many people have had their legs, arms, necks broken for defaulting on shylocks?
I know of a jaluo man who was forcifully circumcised half-way till his relatives changaad the money he had defaulted.
There is a Guy whose remains were starched into a gunia and dropped into Nairobi River for defaulting on a Shylock.

Be very afraid of Shylock. Very.
 
It's Me Scumbag said:
Wewe,I engaged in this biz for years though I did not ask for security. ID number and an agreement that I as a individual,not a business,have loaned you a certain amount of money. Which would be returned at a later date. Trick was kupeana pesa sans interest but the full amount was in the short agreement we had and which is what was returned.
The characters @Mongrel loaned cash to often feel that they got more than the value of their item ..ndio wameingia mitini.

It does help if you are seen in the company of @Pamba 1 uniformed and in plain clothes in prominent place of the locality one operates in.
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A challenge for you @It's Me Scumbag:
Have you ever seen a signage of a Shylock Business on the High Strret? Or a reception Office?
Why is it that they use other businesses as fronts? Or are found in People’s houses and street corners and alleyways?
Why do they need Police friends?
 
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