Thread by @mmnjug

With so many digital loan apps including @SafaricomPLC @NCBABankKenya's MShwari... How do you manage loans available at the touch of your device 24/7?

Join @BLAZEKenya Space discussion on How to Manage Debt and Loans from 2000hrs hosted by @ItsKwambox

twitter.com/i/spaces/1zqKV…

#BLAZESpaces is now live with @ItsKwambox ft. @ShillingsSense @jnjugunamaina @lynmuss @wanjikumsusan

The only loan app @ShillingsSense has ever used is @SafaricomPLC @NCBABankKenya's MShwari.

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.@lynmuss started working in an investment bank and is still walking the money-management route.

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.@lynmuss was in a loan and repayment cycle with loan apps because it was easier to get a loan immediately and she never defaulted on repayment.

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.@lynmuss was taking loans for consumption purposes.... Short term needs.

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.@ShillingsSense was unemployed for one year and moving to the new job necessitated the need for a loan since she had no savings.

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.@ShillingsSense Debt cycle happens a lot when the salary stagnates against increased expenses like a man getting a family etc...

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.@ShillingsSense: Never spend money that is not in your pocket.

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You must gain control over your money or the lack of it will forever control you. - Dave Ramsey

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.@ShillingsSense: @lynmuss said that you never realise how bad it is until you do your calculations.

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.@ShillingsSense: Kanairo is a city of broke people trying to prove to other broke people that they are not broke.

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Lillian saves for a rainy day using the @SafaricomPLC @NCBABankKenya's MShwari locked account.

FAQs on the MShwari locked account: bit.ly/3l9XZSJ

#PamojaNaMShwari
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.@Branji_KE explaining why other countries, specifically South Africa have a vibrant loan and debt management system including like their gvt credit guarantee schemes and also high financial literacy levels.

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.@ItsKwambox What is a good loan and what does it entail?

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.@lynmuss A good loan is one used to start a business that will help in repaying the loan.

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@ShillingsSense: Bad debt is one used for consumption. Good debt will increase your income.

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.@ShillingsSense: Soft loans from family and friends is one of the cheapest ways to source funding.

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.@ShillingsSense:

Source of funding:

Family and friends
Saving up
SACCOs
Microfinances

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.@ShillingsSense: To check the viability of any SACCO, just ask the industry regulator @SASRA_ke on [sasra.go.ke]

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.@lynmuss If your income is less than your expenses, start looking for side hustles.

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.@jnjugunamaina Save a lot of cash for a rainy day, especially like now during the Covid19 pandemic.

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The comeback of YOLO - You Only Live Once is YOYO - You're On Your Own. - @TheAbojani

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You cannot solve any financial issue without budgeting. - @ShillingsSense

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Budgeting is telling your money where to go, not wondering where it went to. - @ShillingsSense

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There is no such thing as little money. - @ShillingsSense

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How to get out of debt. Have a wants and needs list. - @ShillingsSense

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Cut costs and reallocate your money to be in a position to pay your debts. - @ShillingsSense

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Usitumie pesa ikuzoee.... have a healthy relationship with cash.

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5Cs of credit:

- Character
- Contribution
- Collateral
- Conditions

by @jnjugunamaina

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