Women in Kisii County have been urged to be wary of borrowing loans from loan sharks whose interest rates are prohibitive and beyond the borrowers' ability to repay.
Mwocharo Welfare Group Chairman, Hezekiah Ocharo of Riakemuma village in Bassi Chache ward, warned women entrepreneurs in the area to be careful of shylocks.
Ocharo said that shylock may cost them their property for failure to repay their loans and accruing interest.
Speaking during the Group's Annual General Meeting, Ocharo challenged local women entrepreneurs and those in need of credit services to visit recognized institutions.
"Be warned that going for cheap loans from shylocks is expensive as some of you may default due to high interest rates and have your property auctioned," said Ocharo.
Agnes Gisiora a group member expressed shock on how shylocks have auctioned women in the area on account of recovering their money.
Hellen Kwamboka another member of the group says credit and loans from such backstreet credit schemes have impoverished rural women.
“Some families have been rendered homeless after the shylocks auction their products to recover their loans,” said Kwamboka.
"Though shylocks over convenient financial solutions to the borrowers, more often they have subjected unsuspecting members of the public to financial and psychological frustrations," observes Kwamboka.
She instead advises women in the region to mobilize themselves into organized groups and engage in table banking and merry-go-round empowerment activities.