When a lender gives you a line of credit, they also have a set of checklist to see that you are not likely to default on your loan. It's a system designed to warn the lender early on so that they can take the necessary steps to ensure they don't…
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When a lender gives you a line of credit, they also have a set of checklist to see that you are not likely to default on your loan. It's a system designed to warn the lender early on so that they can take the necessary steps to ensure they don't…
Have you tried to apply for a line of credit and it was denied by your lender? Sometimes it's not always obvious what you did wrong for your credit to be declined.
One of the biggest roadblocks to financial stability is high levels of debt. To reduce your debt, you'll need to focus on paying off high-interest loans first, such as credit card debt.
Debt management in Kenya refers to the strategies and practices used by individuals, businesses, and government agencies to manage and reduce their debt
A loan default occurs when a borrower fails to repay a loan according to the terms agreed upon in the loan agreement.
what is a collateralized loan? Usually, when applying for a loan you personally guarantee its repayment in full. This includes putting your assets in line to cover the loan in case of a default. This is called collateralization of the loan. Collateralization is the act of using an asset as…
These alternatives have been designed to cater to the specific needs of small enterprises and have been instrumental in providing financial services to low-income populations and small enterprises in Kenya
Digit is a savings app that automatically saves small amounts of money from your checking account into a savings account.
with the current economic headwinds in Kenya, a recession is inevitable. A recession is a period of economic decline characterized by a decrease in the gross domestic product (GDP), employment, and trade lasting typically for six months or more. Recessions are usually accompanied by a drop in consumer spending, business…
living paycheck to paycheck can make it difficult to build financial security and prepare for the future and can create stress and financial instability.
Online banking has become an essential part of our lives, providing us with the convenience of managing our finances from the comfort of our own homes. However, with the growing popularity of online banking come increased security risks. As a result, it is crucial that we take the necessary steps…
Kenya’s finance sector offers a lot of loan products. Secured loans are those that have collateral—an asset the debtor promises as collateral for the loan—as its backing. If the borrower defaults on the loan, the lender may seize the security to recover their losses. Collateral acts as an assurance that…
Phishing scams are one of the most common ways that identity theft occurs. Criminals send emails or messages that appear to be from a legitimate source, such as a bank or government agency, asking for sensitive information such as passwords or credit card numbers.
Creating a saving culture from one’s pay slip is essential for achieving financial stability and security. A saving culture is one where individuals make saving money a regular and consistent habit. A consistent habit of saving from the small you earn will help in building a good nest for rainy…
Saving culture in personal finance is the practice of setting aside a portion of one's income for future financial needs and goals. It is an important aspect of managing personal finances and it is encouraged in many cultures to develop a sense of financial stability and security.
It is an organization that maintains a database of credit information on individuals and businesses. The information includes credit history, loan repayment history, and other details that may be relevant to a lender when assessing a loan application.
Breaking bad spending habits is also an important step in being smart about spending. Bad spending habits can include things like impulse buying, overspending on non-essential items or not shopping around for the best deals.
Setting clear and measurable goals is crucial for creating an aggressive saving plan. This means identifying specific, time-bound, and realistic goals
Are you tired of watching your hard-earned money slip through your fingers each month? Then I think it’s time to take control of your finances and start saving. I understand that saving money can be challenging, but it is an essential skill to have to secure your financial future. This…
A pro borrower, therefore, takes in this information and comes to the understanding that loans are more than just monetary, they’re emotional
Kenya has come far from getting credit from a bank that was only accessible in large urban areas. Now you can get credit from your phone instantaneously. This is due to the advancement of the Kenyan financial infrastructure over the last two decades. This has opened up access to credit…
Having a good credit score is important for a variety of reasons, including making it easier to obtain loans and credit cards, qualifying for lower interest rates, and potentially even increasing your employment prospects. In Kenya, credit scores are used by financial institutions and other lenders to assess an individual’s…
Wasteful spending can be a major drain on your finances, leaving you with less money to save or spend on things that truly matter. It’s easy to rationalize unnecessary purchases, telling ourselves that we deserve to treat ourselves or that we need a certain item to be happy. However, this…
Traditionally, well-to-do individuals were the ones who had access to loans to either expand their big businesses or build a karental on that piece of land bought when Kenya was still learning to sit. Loans were synonymous with portly (retired) civil servants who had nothing better to do. That tradition…
Interest rates play a crucial role in the economy, as they affect the cost of borrowing and can influence economic activity. In Kenya, as in other countries, there are several factors that can affect interest rates on loans, including inflation, economic conditions, competition, central bank policy, credit risk, and foreign…
In Kenya, check-off loans, also known as salary-deduction loans, are a common form of credit offered by employers to their employees. These loans are deducted directly from the employee’s salary, making them a convenient way for employees to access credit. The employer plays a key role in facilitating check-off loans…
Debt can be overwhelming and often feels like a never-ending cycle of payments and interest. I know this feeling all too well, as I used to be buried under a mountain of fuliza debt and personal loans. But, with determination and the right strategies, it is possible to take control…
This informality is sometimes necessitated by the idea that lending folks we know, is better for reasons known only to psychology and Advanced Economics. At other times, though, ni kwa sababu wako CRB and thus banks, for a lack of a better word, hate them
Defaulting on a loan payment can have significant consequences for both the borrower and the lender. It can lead to financial problems for the borrower, damage their credit score, and potentially result in legal action being taken against them. In this report, we will explore the risks and consequences of…
In Kenya, check-off loans are a type of loan provided by an employer to an employee, with the loan payments being deducted directly from the employee’s salary. The employer acts as a facilitator of the loan, as they are responsible for deducting the loan payments from the employee’s salary and…
Skills You Need talks of personal finance as involving being aware of your position financially and then undertaking steps to ensure that you have meaningful outcomes that you can be proud of in the end.
But like most humans, advice follows the path of least resistance going from one ear to the other without having any interaction at all with the brain. Careful spending is thrown out of the window as we let wastefulness in, not knowing that we’re reducing the quality of our lives.
What is a check-off loan? A check-off loan is a type of loan provided by an employer to an employee, with the loan payments being deducted directly from the employee’s salary. The employer acts as a facilitator of the loan, as they are responsible for deducting the loan payments from…
Applying for a personal loan in Kenya can be a useful way to borrow money for a specific purpose, such as consolidating debt, paying for a major purchase, or financing a home improvement project. Here is a comprehensive guide on how to apply for a personal loan and the documents…
I have a secret that will get you out of the impending jam and since I care about you, I’ll let you into it. OK, listen (or read) carefully. To avoid all the hassle that comes with January shopping, buy your school supplies now
The basis of the principle is simply that 80% of results come from 20% of input.
To avoid being in a constant financial crisis mode. When you don't have your financials in order, any small emergency will turn into a crisis.
Saving fuel has never been this easy, but many people never bother. As a distinguished member of the Amateur Mechanics Association of Kenya, I bring you a special message from the automotive gods. Change or clean your filter regularly and you will save a lot of fuel.
Let’s admit it. We’ve all been there. Every year, full of promise and steam, jazzed up on Rich Dad, Poor Dad, and Other Stories, we craft lofty New Year’s resolutions. We solemnly swear to keep promises that fizzle out and die way before the New Year starts to sit. In…
I have good news. And bad news. Then some more good news. The good news is that it won’t last a long time. Typically 2-10 months maximum. The bad news is that it is coming, but we’re not too sure about that because there’s divided opinion. Most experts believe it…
Personal loans are short term loans taken by a borrower and are usually repaid on a monthly basis. They are usually unsecured and dont need collateral for them to be issued. Personal loans are normally for amounts from about 1,000 up to 100,000 with repayment terms from one to twenty…
The great-souled, Mr. Mohandas Karamchand, once said that the customer is THE most important visitor that a business can ever have. That the whole universe, and by extension, the existence and sustenance of any business, wholly depends on the customer. Without the customer, nothing in a business works, and nothing…
The Kenyan economy is currently going through a downturn that is touching on all aspects of Kenyan life. Inflation is touching double digits in 2022 and is expected to worsen before the year ends. When faced with uncertainty in the coming months one should prepare their finances to take advantage…
There is a man whose picture is in money. He has half-hippie hair and a ghost smile that makes you think he learned to knit using a walking stick. One day, this man wrote. And said, that the only two things certain in life are death and taxes. He should…
A loan app is simply an application that enables the borrower to access cheap credit without having to visit a physical branch.
A salary advance loan or simply a salary loan is a short-term loan extended to salaried professionals working in the private or government sector.
On the philosophy of a more accessible, reliable, and dignified way when it comes to the availability of credit.