Logbook loans, a popular source of quick cash in Kenya, offer a double-edged sword. Here are two real-life case studies showcasing the potential successes and failures associated with these loans:
Success Story: John, the Expanding Entrepreneur
John, a young entrepreneur, struggled to secure a traditional bank loan to expand his carpentry business. Limited credit history and insufficient collateral hampered his efforts. A logbook loan, using his reliable pickup truck as security, proved to be a game-changer. John accessed a Ksh 300,000 loan, allowing him to purchase additional equipment and raw materials. With careful budgeting and increased business activity, John was able to comfortably repay the loan within the agreed 24-month period. The expansion boosted his income, solidified his credit history, and opened doors for future loan opportunities. John's case exemplifies how logbook loans, when used strategically and repaid responsibly, can be a springboard for financial growth.
Failure Story: Sarah, the Debt Spiral
Sarah, a single mother, faced a medical emergency requiring immediate funds. Traditional loan options were slow, and the pressure mounted. A seemingly easy solution presented itself – a logbook loan on her car. Sarah secured a Ksh 100,000 loan with a high-interest rate and a short repayment period. However, the monthly installments significantly strained her already tight budget. Unexpected car repairs further disrupted her finances, making repayments even more challenging. Sarah fell behind on payments, attracting hefty late fees and penalties. The lender eventually repossessed her car, leaving her without transportation and deeper in debt. Sarah's story highlights the potential pitfalls of logbook loans. High-interest rates, coupled with unforeseen circumstances, can quickly lead to a debt spiral with devastating consequences.
Lessons Learned
These contrasting cases illustrate the importance of careful consideration before taking out a logbook loan:
● Clearly Defined Goal: Have a clear plan for how the loan will be used to generate income or improve your financial situation.
● Thorough Research: Compare interest rates, terms, and hidden fees offered by different lenders.
● Realistic Repayment Plan: Borrow only what you can comfortably repay within the stipulated
timeframe.
● Explore Alternatives: Consider alternative financing options like seeking loans from SACCOs or MFIs, or selling non-essential assets before resorting to a logbook loan.
The Bottom Line
Logbook loans can be a valuable tool, but they come with inherent risks. By learning from success stories and cautionary tales, borrowers can navigate the logbook loan landscape more effectively. Responsible borrowing, a clear understanding of loan terms, and exploring alternative options are crucial for leveraging logbook loans for financial empowerment and avoiding the pitfalls of debt.
There are three characters- a stoic knight, a young girl who is trapped in a house, and uncovers its eerie past and a wanderer who is on a path to find answers.
INMOST has fantastic gameplay wherein you can lure your enemy into dangerous traps, go on to solve environmental puzzles, and use your weapons to protect yourself and finish the game.
With their selected characters, players can search in every part of the pixelated game world for secret passages and various items.
Your character will be able to kill enemies with his crossbows.
A few enemies might even lunge at you; all you have to do is avoid the attack, strategize that very second and finish it off.Players Cannot Switch Between Characters At WillOne of the drawbacks of the game is that players are not allowed to switch between characters at their own will.
However, it all depends on how fast or slow the player completes the game.If you choose the wanderer, then be ready that the only way you will be able to finish off your enemies will be to run away from them or take them towards the traps.Gamers Will Respawn at the Nearest Save PointOne of the plus points about the game is that gamers need not worry about dying.
Whether you have recently moved to Hyderabad or have been residing here for years, you will agree to the fact that the city is expanding significantly.
If you do not own a vehicle, you will have to use public transport and considering the times today, it is not safe to step into public transportation.
There was never a better time to own a two wheeler and you can bring home your favourite ride with two wheeler loans in Hyderabad.Designed to make two wheeler purchase easy and convenient for you, the loans have low interest and flexible repayment tenure.
You need to be above the age of 21 and have valid driving license to apply for the loan.
You will have to show consistent flow of income.
If you do not have adequate income, you can ask for a guarantor for the loan.
