Reasons Why You Should Be Careful With That Mobile Loan

by Business Watch Team
Mobile Loan

Taking a loan always seems like the most convenient thing to get out of a financial situation. But many have become slaves of their actions. Remember, whoever gives, calls the shots. Before taking that loan that you so much think you need, ask yourself the following questions:

  • Do I really need this loan?
  • What is the interest rate for this loan?
  • What am I going to use this loan for?
  • Will I be able to pay this loan back?
  • Can the current problem be solved without this loan?

After answering those questions, if you are still convinced that you must take that loan, the next question should be the place to get that loan. Mobile loan apps are the first thing that people think of when they want to take a loan. But, what awaits you?

Most mobile loan apps in Kenya are not what you think they are. 100 percent of them do not ask for security before giving you a loan. Why? Do you think because they trust you so much? No. Your data. For them, the data you provide is your security.

Here is a list of some ridiculous requirements that some mobile lenders in Kenya ask for before giving out a loan:

  • Names as they appear on the ID
  • County of Residence
  • Constituency of Residence
  • Exact Address of the Residence
  • Turning on of location for tracking
  • Allowing access to your contact list
  • Allowing access to your SMSs and Financial records
  • A clear photo of your ID (both back and front)
  • A selfie of you

The worst thing is, after sending them all these ridiculous things that they ask, they will tell you that you do not qualify for the loan. Already they have your data with them and you have no way of deleting that data from their systems.

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