'Stick to your lane and stop borrowing loans left, right and center!' Shaffie Weru

Piece by: Caren Nyota
Lifestyle

Twelve Days Of May means 13 days to #TheRaverend's Born Day and a week to the biggest royal wedding... In seven days, the royal family will be saying I do to their 1st black relative. This wedding is as significant as Obama’s presidency... Melanin will be popping in Buckingham palace... Enduring the UK's bank holiday, the royal family should be ready for BBQs en cookouts...

The Queen is about to learn what turn up means, because no more high tea parties but all out hang in the royal residence fosure... Times are definitely changing, blame it on global warming or whatever, one thing is for sure: we are living in interesting times... Away from the black duchess, let’s focus on another phenomenon that’s sweeping across Kenya.

The money-lending apps that every 24-35-year-old Kenyan are jumping on... The loan apps are mushrooming in Kenya, en fast!!! You will be surprised how many young men and women are hooked to these apps, from the latest one Branch, Tala, M-shwari, etc.

Most young Kenyans operate not one but more than three loan apps on their phone. Most of the loan apps users I know have confessed to #TheRaverend that they have borrowed money from all of them. What is more, all of them have outstanding M-Shwari loans...

I get the concept of taking a loan from a bank, but the concept of being able to get a dog loan of about 20-50k straight to your phone without any collateral is what’s baffling me... I took my first loan from a bank. I needed to top up to buy a car, and I regretted that move ever since. I don’t believe in taking or borrowing money because I don’t believe in freebies... My mom taught me better. Free/cheap is extremely expensive, so I’m very skeptical when it’s comes to borrowing cash...

But I think this country and my generation needs serious lessons on financial literacy. Digital borrowing is the worst form of addiction. It’s worse than sports betting... For starters, most digital borrowers do not even know the interest rates charged on these loans. #TheRaverend's motto in life is simple: when the deal is too sweet, think twice about it.

How does someone access a loan without a bank account or credit score to access loans?! The loan apps actually use your social media profile to assess if you are creditworthy. How can you trust a loan or credit that only cares about your online presence just like that! I’m all for innovation and digitalisation #TheRaverend understand that everything is changing and it's dope to change with the times, but the concept of loans and cash, that’s still basic... Only spend what you have or what you can afford...

Just because you have an app that can give you money anytime, anywhere, anyhow with no questions asked is what I want young Kenyans to be cautious about... That cash pap that you can access anytime, anywhere is the same cash that will leave you in serious financial crisis later on in life... So as you keep on downloading this loan apps and dishing the cash, eventually you will owe the world more money than Kenya owes the IMF, and that’s when you start shitting bricks...

Don’t take a loan because you can or because it’s free or convenient. Only borrow during emergencies and when you have a need for the money. Otherwise, delete all those loan apps before they delete you...

ION, where the party at this weekend? With no major gigs in the city, try and be a local tourist. Drink in your local pub, support your hood. In any case, we are still expecting flash floods. Don’t let it catch you far from home, because drinking and driving/swimming is not advisable.