Kenyans frustrated with Platinum Credit —never take a logbook loan from them

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Platinum Credit is on the spot after giving a logbook loan to one of their customers. The customer paid the loan and high interest.After finishing to pay the loan,they refused to return the logbook.

A Facebook post by Gordon Opiyo asked users whether they have experience with the company:

“Has anyone here dealt with Platinum Credit? What has been your experience especially in regard to logbook (security) retrieval?

A friend of mine completed payment.. Yes.. He paid all the crazy interest fees completely in February this year… And for some funny reasons, Platinum Credit has been refusing to release the Log Book…

Looks like they only have one way… Log in comes, and they know that you would never pay, so they have have no idea what what to do if you jump the trap, and pay everything in time….”,the post read

Answers shocked Kenyans. Below are some of the answers:

Ntwiga John  ·

They use your logbook to secure in-house financing from other institutions hence suffer paralysis when you demand the logbook after successfully paying their loan.

Tint

They have secured another loan using the same logbook for themselves,he has to wait..

Shalton Omollo Owino  ·

Conmen with operation license.

Flossie Muthoni

My experience was with momentum (their sista company). They released the logbook but shida ilikua kujiondoa ntsa from the kinda joint ownership. These guys interests are crazy. They call me asking if I need a loan and I openly tell them I can never wish that to even my enemies!

Daniel Buoga

All these micro- finance credit companies are just thugs (platinum credit, oya credit, BCA,bidii credit) . Try one day and you’ll have sleepless nights.

Hon Kennedy Muthini

Add Progressive credit company. Most of them con gullible customers. It doesn’t always end well. Hidden charges and outright theft. We need a law to control them.

Malcom X Brodder

Just search for them on social media and you will read about the horror stories that their customers go through. Platinum Credit, Mwananchi Credit should be included in a 1000 ways to die early. Those guys don’t have a heart

Mark Sareet

Hawa agents wao wakinikaribia nawalima kofi kama ya kesi baadaye. Na vile hao agents wanakuaga na vumbi kama wanaishi kitengela

Gordon Opiyo ask the police officers watakuambia the suffering they gi through na hiyo platinum kama hawatakuambia loan inakaa 20yrs ju ya inflation watakuibia ile assets umeweka kama security

Kelvin Kimani Mbugua

Gari washauza,The platinum guys and the Famous Mogo should be in one group,they will sell your asset and ask you to go and report

Selem T. Lelmengit

Mogo,platinum,Izwe,Watu and all micro finance banks should all be closed if they can’t be controlled by CBK.Why has the government keep a blind eye on these crooks or some are their accomplices?

Daniel Wachira Mwanaye-Wangui BabakePhinehas  ·

That credit company has made me walk for 5 years after doing Abra Kadabra with my Moti.

My matter is before court.. both civil and criminal aspect..

Hawa ni jakuo mang’ang’a

Cyrus Gichohi

Platinum is a jail.They have tailored their interests such that you pay for life.

The guy was lucky.At last they will give back the log book

John Kariuki

Same applies to mentum and Progressive Credit Kenya. I think the regulatory framework for these micro Finance Institutions is weak

Joseph Maina

Gordon Opiyo I have experience with platinum credit but Sir I can tell you for free those guys are the pain in head!!!!

Habari Njema

Let’s start from how shylock operates. They have their own terms and conditions which is very exploitive. They operate on their own space, no accredited regulater over them. So they collect all the log books from the loanees and use them as collateral to source for one big loan from a commercial financial institution. So probably his logbook is among the collateral. How do you expect to get it back in time?

Amon Kipchumba

That’s not my problem, my problem is how do they even get your contacts ,full names, terms of service and your salary amount.

We really lack data protection in our country

In my place when we see them come we all behave as attaches in our facility and we cannot qualify for a loan.

I have a colleague nurse who took a small loan from them nakuambia alikatwa pesa hadi she almost got into depression.

Ok the real problem with them is that they have so many hidden charges.

My advice to anyone that qualifies for a loan should avoid getting them from microfinance institutions and opt for banks and saccos.

Richard Okero

Several years later, even after clearing my liability with them I got to realize with ntsa that my vehicle’s ownership is joint with them although I was in possession of the logbook which was under my name.

These mikora of a lender can drive you nuts.Why the government is allowing this rogue behavior is my dollar question,but I suspect senior people in government are in these business.State capture.

Abu Ridwan

A friend of mine got stucked like trailer carrying goods in mai mahui mud, in platinum. He borrowed 300k then repaying it for 3yrs with his half of salary. And when he thought he cleared the last amount they told him his balance is sh. 200k. After calculation the amount he has already paid was 500k. ATI what he was paying was interest rate.

Harriett Musula

They r not thugs . Just pay according to your agreement. They have penalties if you default . Even after paying the loan plus intrest you MUST pay the penalties hio ndio sheria so just pay your due sir. Hawaezi katalia for no reason.

Rusheni mawe defaulters nataka kujenga

From those sentiments by Kenyans,it’s clear that those microfinance institutions are not the best when it comes to loans.Instead of taking loans from them,sell some assets.You will take a loan of Ksh 1 million and pay Ksh 2 million extra.

You will also be shocked that when you give them your logbook, they take a loan with it.By the time you request your logbook back,they are already servicing the loan. They have to play cat and mouse game, dilly dally in order to clear the loan, then get access to the logbook.

Shylocks and microfinance institutions are not the best when it comes to loans—they will frustrate you.