The community has been advised to be seeking for financial advise from financial experts before borrowing money to do anything.
Lari Kirenga MCA aspirant Stephen Ngigi decried that so many families are auctioned after they fail to repay the money they had borrowed.
Ngigi who is popularly known as “Kibano”, also urged locals to desist from rushing to borrow soft loans from shylocks since their repayment terms are so high.
“Please do not borrow money from anywhere because you need it. It’s better you look for friends to lend you but not that money will have a rising interest while replayed ” he said.
Ngigi said so many people have been left with stress, depression and confused, wondering how they will cope with the rising interest.
He spoke at Kanyekini village in that ward, in Nyambari sub location in Lari constituency on Sunday.
He had visited a need family which had borrowed a soft loan of less than Sh 5,000 whose interest rose to over Sh 100,000 and was unable to repay it.
Things broke hell when the lender of the soft loan, auctioned the family’s house hold items and left them stranded.
When the village heard the issue, a resident James Mwaura they started looking for help and that is when Ngigi was informed about the issue.
Ngigi said he had to buy for them beds, mattresses, blankets, seats, sufuria’s, cups and plates and other utensils including, since they had been auctioned.
“The family is needy. I visited them and found that at times, they slept hungry and they also slept on their uncemented cold floor. They urgently needed our help. They depend on casual jobs and these days, securing a job is not easy, meaning that they could not pay the loan at all” he said.
“Even as I gave them a hand, I know they still need more. It’s important to give a hand to a needy neighbour. No one knows about tomorrow ” he said.
Ngigi urged the community to enlighten each other about borrowing, since loans are so sweet but their repayment strategy is very tricky.
Ends.,.
