The Negative Side of Unsecured Instant Loans in Kenya
The rate at which these instant money lending services are cropping up is what is worrying to me.
Have you ever found yourself in a financial crisis and wondered what to do? I have. At such a time, the mind races, analyzing all my friends and family speculating who to call. The small voice in my head keeps screaming the negative answers I will get from anyone I call, and this shatters my hopes. Of course, I don’t lack just one friend who can bail me out, but my ego is making me imagine things.
My worries are, however, not long lasting as I remember I can pull out a whole list of instant unsecured lenders and get an instant loan. That is good news; to me and many others who are like me. The rate at which these instant money lending services are cropping up is what is worrying to me.
In their desire to compete, these lenders offer loans instantly, a speed that leaves me wondering if they have enough time to go through one's credit history. It is possible to be listed on CRB by one lender, but still, be offered an unsecured loan by another.
The question that bogs my mind is what will happen in future when you need financing for an individual project. Large money lenders will go through your credit history and see all the bad credit you have accumulated over the years using these fast money lending services. This poor credit score will without any doubt lead to automatic disqualification. No matter how important your project was, it will have to either wait or close down.
The wise once said that “the excesses of our youth are drafts upon our old age.” If you get addicted to taking these instant loans from one lender to another without paying, do you think your old age will have any excesses from the days of your youth?
To be on the safe side, train yourself not to depend too much on these loans. Only apply when it is absolutely necessary and once you do, make sure to pay on time. Honoring this will not only make you stay away from being listed on CRB but will also help you build your credit score.