This asset financing company infamous for its predatory lending practices continues to attract attention for its questionable lending methods.
MOGO operates like a modern-day “Shylock” and targets vulnerable borrowers, then ensnares them in a web of debt with hidden fees and unfair terms.
The company operates in Kenya under the shadow of past grievances, with the latest complaints merely adding to a long-standing record of customer dissatisfaction.
MOGO has repeatedly shown total disregard for ethical lending standards.
One particularly distressing case involves a woman who lost her vehicle (her sole source of income) after falling behind on payments due to unforeseen hardships.
A series of unforeseen events, including medical emergencies and the loss of a family member, derailed her financial stability.
These hardships made it impossible for her to keep up with her loan payments, despite her previous track record of timely repayments, but instead of offering any understanding or support, MOGO Capital responded with harsh penalties and aggressive collection tactics, revealing their true nature as a predatory lender.
Message to potential borrowers: Avoid MOGO Capital like the plague.
“This is a warning to car owners planning to borrow money from MOGO Capital using their vehicles’ logbooks. Please avoid this particular credit company like the plague.
MOGO is a den of sophisticated modern-day “Shylocks” disguised as money lenders out to rob Kenyans of their vehicles, especially those who, for reasons beyond their control, are unable to pay their monthly payments on time as stated in the loan agreement.
MOGO is an intricate web of suave blue-collar criminals, ranging from the directors, managers, and marketers/salespersons, out to rob Kenyans of their hard-earned cash and ultimately grab their vehicles, which they use as surety to borrow money.
They employ a variety of deceptive tactics to carry out their heinous plans, such as levying steep fines for late payments, which ultimately put a strain on struggling, hard-working Kenyans and caused them to have their vehicles auctioned off and sold by none other than themselves to other unwary individuals who ended up falling into the same trap.
To stop this vicious cycle, the relevant authorities MUST clamp down on this company to protect innocent Kenyans from losing their hard-earned cash and motor vehicles.
It is regrettable to see that some organizations, such as the police, who are responsible for preventing Kenyans from falling victim to these credit companies’ scams, also contribute to the continuation of this vice by defending these “fraudsters,” of course for a fee.
A case in point involves a woman whose vehicle has just been sold off by the credit company, despite the fact that her payment term was to end in February next year.
A series of misfortunes, including illness and death in the family, befell her, which made her fall behind on payments, leading to this sad turn of events.
Sadly, her pleas fell on deaf ears, and she has now lost her beloved vehicle, leaving her in a state of disbelief and devastation. The “commercial” vehicle was, sadly, her only source of income.
Let the relevant authorities step in and stop these modern-day Shylocks from causing more suffering to innocent and unsuspecting Kenyans.”
