Online money lending tricks leave citizens restless

“I asked for sh100,000, got sh75,000, but was asked to pay back sh120,000. This is daylight robbery targeting desperate people,” he said. Although sh25,000 was deducted from the requested amount, he was required to repay sh120,000 within eight days — effectively paying a sh45,000 financing cost on the sh75,000 received, or 60%. He cites Quick Sente, Mangu Cash, Zenka and Mara Loan, which he said offer similar services.

The mobile app loans are easily accessible, but with astronomical interest rates.