Mogo is one of the companies which offer loans in Kenya.One of the clients has contacted Kileleshwa MCA Robert Alai to express his frustrations. Below is the client’s testimony:
I wish to raise some alarm on Mogo Finance. I wish to stay anonymous coz I have a facility with them.
I took a sum of ksh 658,000. I have paid for the last 6 moths. But last week I made inquiry on if I want to clear the loan at once how much I should pay. They gave me a figure of ksh 716,000. This shocked me bcoz since I have been repaying I expected the figures to go down.
Its then that they mentioned that they lent in dollars and it has to be repaid in dollars. This is very frustrating for at the time of borrowing the dollar 113KES and now its 132 KES.
I didnt believe it for all I needed was ksh 571,000. But these guys added many things in dollars and it shot to 658,000. Now they still want it repaid in dollars. This means they are killing my capacity to finish off the loans as the rate at which the dollar is rising is alarming and it offers no security to the borrower.
