Nairobi MCAs Demand Unsecured Car, Mortgage Loan

Members of the Nairobi County Assembly on Wednesday halted House sittings to demanded for unsecured car loans and mortgages.
The MCAs camped outside the County Assembly Chambers demanding answers in why they were being asked to surrender logbooks and title deeds before securing the loans.
Addressing the press, Majority Leader Abdi Guyo, however, accused the Ward Representatives of planning to secure the loans and mortgages illegally, stating that the law requires that loans and mortgages approved by the Assembly must have security.
The Salaries and Remuneration Commission policy states that every ward rep is entitled to a Sh million loan, of which Sh 3 million is for mortgage and Sh2 million car loan.
“If you go to a car dealer, just get the agreement and bring the logbook to the assembly. The same applies to a house. The rules are clear and we cannot bend the law,” Guyo said.
Comments
Nobody will payback…
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Nobody will payback unsecured loan. After 5 yrs the car will not have any value left.
Demand not request and to…
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Demand not request and to top it off unsecured while a Mama mboga cannot even get an appointment with a banker and is shooed off like a fly after being told enda tengeneza business plan mama wacha kunipotezea wakati.This is the tano tena government at work.Some of this MCA`s are just thieves in disguise.Ati unsecured if you cannot provide adequate collateral no loan.No wander we will remain a third world country.
The item you are buying with…
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The item you are buying with the loan should be the collateral.
What about the car? It…
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In reply to The item you are buying with… by Anonymous (not verified)
What about the car? It depreciate at very high rate
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