A large majority of consumers who take mobile loans do not read the lengthy and densely-worded set of conditions and terms they are committing to and are later shocked when the contracts are enforced.
In recent months, for example, consumers of mobile app Okash who delayed or defaulted on their loan repayments have had the unpleasant experience of having the service provider contact people in their contact list in a bid to recover the funds.
“Hello, kindly inform XX to pay the Okash loan of Sh2560 TODAY before we proceed and take legal action to retrieve the debt,” says the text message the service provider sends to people in one’s contact list.
“We have tried calling in vain. This is the last reminder. Many thanks, Okash team.”
Full article: Standard Digital