Guys, let’s talk borrowing. Responsible borrowing that is.
Eh, I’ve had some days, and I’m sure we all have, where enyewe niko chini and I’ve just had to kopa to get by. And I’ve also had my fair share of kukosa kulipa (coz maybe I borrowed what I couldn’t pay back) and had to hustle for that cash so I don’t get listed on CRB. A nightmare.
I’m sure we’ve all made some bad financial decisions but over the years I’ve realized some of the ways I was borrowing was just not worth it. Like kopaing to repay a loan. What a trap. Nafikiri these are some things that should be taught in school coz enyewe the way I struggled with this in the past…
Responsible borrowing is where it’s at wasee and that’s what imma help you with today. So to just saidia you guys kidogo, here are some quick tips:
- Only borrow what you are able to pay. That extra cash might be tempting but when it becomes a ‘kulipa ni matata’ sitch, you had just berra avoid struggling altogether. Paying your loans on time=higher loan limits. Also on KCB MPESA you can take multiple loans if you’re within your limit. Unaeza soma all the deets here
- Borrow when you need to. No, like when you REALLY need to. That item you want to splurge on, think, is it really necessary. If not, don’t get a loan for something you don’t need.
- Borrow only what you need to. Those extra coins aren’t necessary. This will help you in point one, where you’ll be borrowing what you can pay back.
- Watch out for interest rates. This should help you calculate how much you will be paying back so you’re not hit with any surprises. Since we are bomb, KCB always states their interest rates so you jua what you’re opting for. For example, KCB MPESA has a loan rate of 7.5% and is usually a number one option for a lot of us, admin included.
- Look at borrowing as a last resort. Are there other options you have before you borrow? Are you spending your money wisely or not saving at all? Only kopa when you’re out of options. Also, being smart about your finances and planning a budget on your expenses will probably have you borrowing less.
- Be careful about borrowing to offset other debts. Lol, wengi wetu tuko guilty hapa. But just think about it, in the long run, this isn’t sustainable and can land you in some serious problems in future.
Another reeeeeally amazing borrowing service you can and should use, is KCB Mobi. Hapa kwanza kuna deal ya Zawadika, where every 100th customer to borrow a KCB Mobi Loan of up to Ksh 300,000, gets KES 1,000 deposited into their KCB Account. What’s not to love about this?? Happy (and responsible) borrowing, guys.
Over & Out
The Witty Banker