Residents of Kiambu have been urged to avoid borrowing money from shylocks due to the exorbitant charges the shylocks impose on their loans.
Gakuyo real estate’s managing director David Ngare says that most of the shylocks sell their clients’ goods to ensure that they recover the money owed by the clients.
"They usually sell the goods even before the agreed time reaches. This sometimes can lead to poverty or even quarrels in the house," Ngare said.
He advised the residents to be investing in Saccos since that is the only place where they could get affordable and low interests loans.
“We established Ekeza Sacco so that all its members can be in a position to have inexpensive loans. Youths and women should join groups and also forms Saccos so that they can be getting grants," Ngare added.
He said: "Currently, the government is offering various types of loans and grants to youths and women. I urge the women and the youths to take advantage of this."
Ngare also called on the government to ensure that it fully educates Kenyans concerning the loans.
"We need the government to organise forums so that the people of Kiambu can be educated on the various types of loans and how to manage them," Ngare said.
Ngare was speaking to this writer from his office in Kiambu town on Saturday.