Think Thrice before you borrow money using your phone!
If you took a mobile loan for as little as Sh500 and defaulted, you may fail to access a much bigger loan from a bank for a period that is as long as seven years.
Fresh data from Transunion Credit Reference Bureau shows that 500,000 people are currently blacklisted with Credit Reference Bureaus (CRBs) up from 150,000 three years ago.
The number of those blacklisted has gone up due to many apps providing loans.
*There are currently more than 50 mobile phone loaning apps, making it easier for many Kenyans to tap into.
When someone borrows from a mobile phone platform, he or she is given a 30-days period to repay the loan.
Courtesy of https://www.standardmedia.co.ke/business/article/2001283051/mobile-loans-crisis-as-500-000-blacklisted
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