A large percentage of adults owning smart phones in Kenya have or are in debt and its becoming stressful even for the rich. You are not alone in this and its not because you’re poor.
A report by fsd Kenya indicates that adoption of Mobile banking amongst the rich, who are about 20% of the total population, grew at almost twice the rate amongst the poor 40%. Even rich are taking mobile loans.
The rich also take mobile loans.
Mobile lenders have funny ways of asking for their money, some have access to your call log. They will call your boss or hr or your parents or friends and tell them about your inability to pay. Its traumatizing.
How then do you get out of these mobile lending apps? I write this not because I’m rich or I have never taken these loans, I have and they have been stressful. Below are the strategies I have been implementing to try and get out. They are simple practical and you can as well employ them.
This is the initial step. Just stop taking more loans. Stop borrowing from one app to repay another. You won’t get out of it. You will only get deeper in to the mad. I know they do scare you with being negatively listed. Credit reference beareaus lists people not animals. So you won’t be the first to be listed.
Do this, get a side hustle. This may range from writing essays online, driving that taxi when you’re off work, or starting small business that won’t require heavy capital. Make $1 everyday and start settling you mobile loans one at a time.
Accept to be negatively listed but have a plan on how you will repay these loans. Get a side hustle to give you money on the side.
Start repaying in installment.
Consider this scenario. If you are unable to pay a debt and you’re taken infront of a court of law, the court will ask you what’s your plan for repaying these loans. Here is the plan. Tell the court you can’t get the whole amount at once but you can get 100 shillings everyday.
Start with as little as $1 or hundred shillings. Work smart by paying in installment. They will negatively list you, probably mess up your chance of getting employed by the government but at the end the debt will be diminishing.