PREMIUM Why MPs are targeting boda boda loan sharks News 16 min ago Listen
Photo credit: Alex Odhiambo | Nation Media Group The move to the implement the in duplum rule came up on the House after a petition by the presented by Kenya Bodaboda Riders and Owners Association National Executive Chairperson Charles Gichira accusing the lenders of imposing high interest rates and extra charges, failing to disclose loan terms adequately, and using aggressive debt-recovery methods.
The boda boda association told MPs that they are never given logbooks of the motorcycles even after completing the loan, they don't pay the insurance companies and are only given one ignition key for the motorcycle.
The association told MPs that if they default in paying the loan for a day, the companies will come and pick the motorcycle and if you need it back, then you must part with Sh4,000 for the breakdown, Sh300 charged per day for storage and the loan amount plus interest on the days that you have defaulted.
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