Kenyan women using home electronics for quick loans with shylocks

 

That 65 inch TV in your beautiful home could easily be sold off to pay a loan your wife took without your consent.

Almost 80 percent of customers seeking money from shylocks are women, according to one money lender who confessed how he is making a killing from Kenyan women.

The shylock who did not want to disclose his name revealed on Classic 105 that his customers are women who need quick cash for unnecessary things.

The man admitted wives are approaching him give out their home electronics as security for a loan.

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I works as shylock and I can tell you Maina that women borrow yet they haven’t planned on the money they are borrowing. Almost 80 per cent are women and they most of them end up selling the items they left as security.

What do they bring to him as collateral?

He responded, ‘Electronics, you can imagine that they just take a small percentage of the item.

they come with excuses until they can’t pay and you can imagine someone got an item worth 20k but borrowed 3k and they are unable to pay back. 

I think on my mind they lose the items because the money they borrowed wasn’t planned how to be used, 

Many of the women fail to repay loans and lose the electronics.

The man added money lenders are making a killing over unpaid loans courtesy women taking loans recklessly.

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The man wanted to know if husbands are aware their wives are living beyond their means.

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