Let’s use your V8 example, even for a rich man. You fill with petrol 15k, by the time you get to Eldi, tank is 3/4 gone. And you haven’t even reached, and done some rounds. And your return trip. What about his other cars, shuffling the wife and kids.
Now project that to his lifestyle. His kids go to some high end school, high tuition. Of course mansions lazima ukue na ka loan balance. Hao wafanyi wote wako payroll, both in Nai and upcountry. Holiday bill ni yako. Ukiamaka there’s a line of people outside hapo shags with a plethora of issues from veterinary fees to school fees.
You might need to educate me a little on that rule, but what I’m saying in short is that a peasant must cut his coat according to his cloth, because when he owes the rich man he will lose the little he has (everything, in fact) and no one will bail him out. The law is impartial on paper, but it real life it never works in a vacuum. Ni kweli nkono mtupu haulambwi.
At times it’s good to take the risk.
I was told “ukitaka kuoga si unatoanga nguo zote”. My point is very simple take risk. Borrow to expand your business. Set something aside for other personal activities kama kuenda starehe, vacation etc.
Usicheze safe sana otherwise you will limit your growth.
If you want money go to a bank, fill in the forms and be ready for a long tedious process which does not guarantee whether you will get the funds. Those who blame the mobile loans and shylocks for high interest rates no one has held a gun to you’re head, the reason the interest rates are high is beacause its a risk and they are discouraging you to take up the loan. Most people who take up this loans are either living beyond their means or have their priorities wrong. How do you give out a logbook for a 1M car to get a loan for 400K? Why dont you sell the car and get one for 600k? This shylocks are in business and they know where to hit, afterall they know Kenyans are not good at prioritisng debt. As for going to court; dont expect the court to side with you because you signed a document, handed in youre log book and to make it worse the judges and magistrates wako kwa payroll. At KRA the shylocks will do a force transfer to sell the vehicle, its a loophole that exists in the law so long as there is proof of a signed document and proof of defaulting. One thing i promised to do this year is am not loaning my friends money and if i have to do it i do it the shylock way. You may loose friends but it gives you peace of mind.
that is the kind of status every man out there want to attain. Shida tupu.