It has become very easy for salaried Kenyans to get unsecured bank loans. They loans are fast to get and some have short processing period of less than one day. However, it is becoming a reality that quick money have hidden risks. These funds normally come to the borrowerers when they are not prepared and a temptation to misuse it is very high.You would likely get into an investment that you know very little about and chances of failure is very high.
Secondly, the interest rates of these loans are unfriendly. Please help me to calculate; If you take a loan of Kshs.1.6 million and you are required to pay Kshs.44,000 per month for 60 months. What you would have paid at the end of it all is Kshs.1,640,000/= a cool Kshs.1million in interest. This is madness and cold robbery that the banks use on ignorant clients in the name of unsecured loand. It is high time that the governmeny come to stop this.
For those thinking of unsecured bank loans in Kenya please think twice. You may be having an investment dream that in your view cannot fail. What could that be. Selling drugs? selling body parts? I dont know but any business, investment under the sun can fail or go wrong but the bank you you have to pay till death set you apart from the liability. Sickness, joblessness, disability, old age, bad economy etc will not release you from the trap. Be warned! the banks can milk you dry by their schemes of unsecured loans.
Whether you are concerned about online banking security or the traditional banking security threats, still precautions are important to avoid undesirable circumstances. It will affect bank lending criteria if they issues like this.
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