Easy Finance matapeli? | JamiiForums | The Home of Great Thinkers

# Easy Finance matapeli?

Discussion in 'Jukwaa la Siasa' started by Midas Touch, Aug 8, 2008.

1. ### Midas TouchMember

#1
Aug 8, 2008
Joined: Jan 23, 2008
Messages: 74
Trophy Points: 15
With Easy Finance, you can get a monthly payable loan for less than 3 hours!
1) The company is situated at Burundi St. Plot No. 112 Kinondoni DSM
2) Loans up to 50,000,000/=
3) Interest rate= 30% per month (30 days)= 360% for 12 months (year)
4) Chairman & CEO is Mr. Isaac Kasanga
5) Operations Manager is Mr. Charles Kaniki
6) Collateral can either be Motor vehicle (MV) or House
7) Before loan costs when collateral is MV: Application form= 50000/=
MV inspection Tsh. 100,000/=, service charge=20000/= other charges
20000/=. Grand total=190000/=
When collateral is a house, inspection/evaluation cost is 500,000/=
8) With your MV, if you borrow 1,000,000/= for a month, you will payback:
190,000/= (19%) + 300,000/= (30%) = (49)+1,000,000/= 1,490,000/=
9) With your house, if you borrow 1,000,000/= for a month, you will payback:
540,000/= (54%) + 300,000/= (30%) = (84%)+1,000,000/= 1,840,000/=

10) With your MV as colateral, and borrow 1,000,000/= for 12 months,
you will payback:
190,000/= (19%)+3,600,000 (360%)=(379%)+1000,000/=3790000!
11) With your house as colateral, and borrow 1,000,000/= for 12 months,
you will payback:
540,000/= (54%)+3,600,000(360%)=(414%)+1000,000/=5140000!
12) The lender is the property evaluator and keeper!
13) Easy Finance sued for MV hijack! Read attachment below.

Questions:
a) Who are the borrowers, why and what business to repay-back?
b) TRA has these information?
c) BOT has these information?
d) Is this the best way to bring better lives for Tanzanian?
e) Does EPA money exists here?

JF it's for you to digest!

=============

Easy Finance in problems: Lawyer files civil case against bank over vehicle attachment

The Guardin Aug. 7, 2008 | DAR ES SALAAM

A Dar es Salaam-based lawyer has filed a civil case against Easy Finance Ltd praying for compensation of more than 18m/- for attaching her car allegedly in a matter involving her son`s business transactions with the company for which she is not a party, reports Correspondent Rosemary Mirondo

The case was filed at the Kinondoni District Court before Resident Magistrate Nyiguliya Mwaseba.

The lawyer is Rosalia Makalle while the defendants are Easy Finance Ltd and Charles Kaniki, the company's operations manager.

Rosalia claimed in court that she was the owner of a Mercedes Benz with registration number T726 ABH which she purchased from Muhangi Mutahaba.

Rosalia claimed that on February 14, this year, she instructed her son, Augustino Makalle, to go on some errands for her within Dar es Salaam, and in order to facilitate smooth performance of the services she gave the car to her son.

She claimed in court that during the course of performing his duties, Augustino passed at Easy Finance offices for the purpose of concluding his business transactions with them concerning confirmation of delivery of 100 pieces of diaries for the year 2008, which were ordered by them.

Rosalia claimed that while Augustino was in the offices of the defendant, without any legal right, Charles (second defendant), who claimed to be working under Easy Finance instructions, grabbed forcefully the vechile's ignition keys from Augustino on allegations that he had not honoured the terms of the business contract between them, to which she was not a party.

She told the court that from February 14, this year, the defendants had been holding her vehicle, which is not Augustino`s property, thus causing her undue inconvenience.

She told the court that she is not connected in anyway to the business transactions between them and therefore the vechile which is not her son`s property cannot be held by the defendants and therefore has suffered a loss due to the inconvienence which has caused her to hire alternative transporat from Wakawaka Travels and Tours Ltd.

She therefore prayed for an order to release the vechile in its original mechanical and physical form since they grabbed it from Augustino.

She also asked the court to be paid hiring costs of 50,000/- which she incurred per day from February 14, this year to the date of releasing the vehicle and general damages of 10m/-.

The case was adjourned to August 13, this year.

2. ### PunditJF-Expert Member

#2
Aug 8, 2008
Joined: Feb 4, 2007
Messages: 3,741
Trophy Points: 135
Two words,

Loan sharks

3. ### KiunganiJF-Expert Member

#3
Aug 8, 2008
Joined: Feb 2, 2007
Messages: 274
Trophy Points: 35
Midas Touch, nadhani hapo unamaanisha Isaac Kisanga, na siyo Kasanga.

Huyu kijana alikuwa Standard Chartered Bank na akina Herry Bomani, Mungai mdogo, na kijana mwingine wa Tanga jina simkumbuki. Walikuwa kitengo cha kutoa mikopo midogo midogo kwa wafanyakazi, wakulima na wafanyabiashara wadogo. Kitengo hicho, by the time hao wanne wanaondoka, kilikuwa kimepata hasara TShs 800 million kwa mikopo isiyolipika. Haina maana kuwa hizo ni hela zilienda mifukoni mwao, lakini ina maana kuwa hizo ni hela ambazo Standard Bank hawakuzipata back na hawajui nani ana hiyo mikopo.

Bomani na Kisanga they are doing very good since then, na hali zao ki-uchumi siyo mbaya kabisa. Kisanga ndiyo akaanzisha Easy Finance kwa kutumia model ile ile ya Standard Chartered Bank, ila target yake ni watu ambao wako desperate kutaka mikopo. Anaweza kukupa mkopo wo wote na wengi tu wameingia mkenge na kupoteza mali haswa magari.

Kama Pundit alivyosema, hawa ni Loan Sharks per se.

4. ### tHe NapSTer of TzMember

#4
Aug 8, 2008
Joined: Mar 30, 2007
Messages: 86
Trophy Points: 0
i think one word will be enough......... Hustlers!

5. ### PunditJF-Expert Member

#5
Aug 8, 2008
Joined: Feb 4, 2007
Messages: 3,741
Trophy Points: 135
Hustler has a more respectable tone to it, one can claim that that slick salesman trying to import coal to Newcastle, or Cloves into Zenj, is a hustler.

A true hustler (and I am not talking about drug dealers) will never take advantage of your weakness, he can create a false need for his product, but you will be coming to him on your own.

These guys sound like they are taking advantage of the economic hardship in bongo, there ough to be laws against such disreputable and utterly despicable outfits.

Vultures is more like it, not hustlers.

6. ### CottonEyeJoeJF-Expert Member

#6
Aug 8, 2008
Joined: Jan 8, 2008
Messages: 330
Trophy Points: 35
Bottom line is that Easy Finance has never to date forced anyone to take a loan with them, even though clients knew the terms and conditions, interest rates, security and procedures they still went for loans.

There are people who have borrowed and repaid from Easy finance at that time they had no other alternative; naturally as with any lending facilities there are also those who have defaulted and had their security liquidated.

There is always people who want quick and easy fixes in life Easy finance did not create this demand, it was there from the beginining... They saw a gap and they went for it!!! Blame capitalism not easy finance, you know wat they say right?

Dont hate the player hate the game.....

7. ### AugustoonsJF-Expert Member

#7
Aug 8, 2008
Joined: Oct 31, 2007
Messages: 410
Trophy Points: 35
Kiungani

Anaitwa Isaack Kasanga sio Kisanga, yeye na wenzie akina Richard kesi yao ya Milioni 900 bado iko pale kisutu, sijui kama ilifutwa, maana standard chartered waliwashitaki.

8. ### BAKJF-Expert Member

#8
Aug 9, 2008
Joined: Feb 11, 2007
Messages: 70,497
Trophy Points: 280
CottonEyeJoe

Thank you CEJ!!!! Buyer beware!! If you want a quick loan then you have to pay for it or go to commercial banks where at the end of the day they will tell you 'sorry you don't have unmovable asset(s) therefore we won't be able to fulfill your loan request.'

9. ### MCJF-Expert Member

#9
Aug 9, 2008
Joined: Oct 5, 2007
Messages: 751
Trophy Points: 45
Midas, you are very right,

I contacted these people in the past after being attracted with their "easy finance motto"
only to realize that they are 'artists'.

Kuna mtu hapo juu amesema kuwa wao sio tatizo tatizo ni wanaokwenda kuchukua mkopo, nadhani hiyo si kweli kwa kuwa katika nchi yoyote lazima kuwa na utaratibu unaokubalika, na sio kila mtu kujipangia utaratibu wake, ukumbuke kuwa sio kila mwananchi ana uelewa wa mambo ya kifedha, wengine watadangaywa pale na hao 'customer care' na kisha kusaini mkataba. Ndio matokeo yake hayo magari yanachukuwali au yanapigwa mnada na hao easy finance. Huo ni ufisadi usio rasmi

Kazi kwelikweli!!!!

10. ### ZanakiJF-Expert Member

#10
Aug 9, 2008
Joined: Sep 1, 2006
Messages: 544
Trophy Points: 35
Isaac Kassanga is not the true owner of Easy Finance.There are two guys behind it,who are happy to lie low and their office is there.Kuna rumours kuwa Isaac Kassanga wants to step down.He has been put there as Chairman and CEO because of his experience within the banking industry especially kwenye mambo ya mikopo

11. ### Yona F. MaroR I P✅

#11
Aug 9, 2008
Joined: Nov 2, 2006
Messages: 4,237
Trophy Points: 0
Ni Kweli Kisanga Sio Mmiliki Halali Wa Kampuni Hiyo Mmiliki Halali Muda Mwingi Hyuko Tnzania Na Hajawahi Kufanya Kazi Katika Secta Ya Banki

12. ### TuandamaneJF-Expert Member

#12
Aug 9, 2008
Joined: Feb 2, 2008
Messages: 1,220
Trophy Points: 135
Hii ndio TZ bwana.............

13. ### CottonEyeJoeJF-Expert Member

#13
Aug 9, 2008
Joined: Jan 8, 2008
Messages: 330
Trophy Points: 35

Unajua tangu banking sector ya Tanzania imekua liberalized kumekua na uhuru mkubwa wa financial service providers, BOT wameamua kudeal na mambo ya regulation and policy na sio kuingilia mambo ya demand and supply. What that means is that if you see a gap in the market then you are allowed to pursue it and attatch watever conditions within the boundaries of the regulatory framework. Obviously the forces of demand and supply clearly show that their is a demand for Easy finance type of business and the supply is scarce, so why is anybody angry at them for offering the service.

Bottomline is this; people who go to easy finance are people who have been turned away from banks. Ask yourself why have they been turned away from the bank, why else would they agree to conditions that are less favourable then banks???? Furthermore if they have been turned away from banks or banks have not honoured their loan requests (Rejection), this means that these individuals are of a higher risk category, Since Easy finance is risking more by lending to them why should they want the same returns as banks whilst their money is more at risk. High Risk High return thats how the game goes.

And dont think for a minute that easy finance is enjoying selling ppls houses and cars, that is a burden and just deviates their resources from their core business, which is providing easy finance to individuals who have been deemed as risky by the formal banking sector...

Lastly not knowing about finance is not an excuse, if you dont understand terms and conditions of financial services agreement my advice is stay the hell away from them including formal banking sector.

It is true Easy finance is taking advantage of the market, lakini that is the basis of capitalism, tukitaka mengine turudie kwenye ujamaa....

14. ### KobaJF-Expert Member

#14
Aug 12, 2008
Joined: Jul 3, 2007
Messages: 6,144
Trophy Points: 180
...hii spin mnavyotaka lakini haina tofauti na robbing!

15. ### CottonEyeJoeJF-Expert Member

#15
Aug 12, 2008
Joined: Jan 8, 2008
Messages: 330
Trophy Points: 35
Koba, Heshima yako.

Tell me something jee Casinos unaona unaona inatofauti gani na Robbing????

Mbona hauzisemi, tena hapo ni unatoa hela yako kwa ajili ya bahati na sibu, Kinamama wangapi wamepoteza hadi nyumba zao kwa hiyo tabia, mbona haulalamiki juu ya Casinos???

16. ### BabaDesiJF-Expert Member

#16
Aug 12, 2008
Joined: Jun 30, 2007
Messages: 2,793
Trophy Points: 145

COTTON, I like your Xplanation.....

17. ### KobaJF-Expert Member

#17
Aug 12, 2008
Joined: Jul 3, 2007
Messages: 6,144
Trophy Points: 180
....vyovyote unavyotaka kusema,lakini biashara kama hizi hazisaidii watu wala maendeleo ya nchi zaidi ya kurudisha nyuma kila kitu,casinos ni kitu tofauti kabisa na unaambiwa at ur own risk na pesa nyingi almost 70% zinarudi back as tax...mikopo kama hii kwa States mtu asipokulipa hakuna kesi na huwezi kuchukua mali zake!

18. ### CottonEyeJoeJF-Expert Member

#18
Aug 12, 2008
Joined: Jan 8, 2008
Messages: 330
Trophy Points: 35
1) Biashara ya Casino nayo hayamsaidii mtu yoyote na wala haileti maendeleo
2) Vile vile unapo azima hela Easy finance its at ur own risk
3) 70%inarudi in Tax, be serious my friend!!!
4) Marekani ukichukua gari on finance mbona kama hulipi wanakuletea repo man.

I think you need to come up with a better justification so i am asking you again why are ppl attacking high intrest loan providers who take higher risks than back and not casinos which coz more destruction to societies than them???

19. ### CottonEyeJoeJF-Expert Member

#19
Aug 12, 2008
Joined: Jan 8, 2008
Messages: 330
Trophy Points: 35
Hiyo 70% sijui umetoa wapi.

The Gaming act

PART V
IMPOSITION OF GAMING TAX
31.-(1) There is hereby imposed a gaming tax on each licensed gaming activity.
(2) The gaming tax for -

Tax on gaming activities Act No.6 of 2006 s.10

(a) casino operations shall be paid at the rate of thirteen per cent of the monthly gross gaming revenue;

20. ### KobaJF-Expert Member

#20
Aug 12, 2008
Joined: Jul 3, 2007
Messages: 6,144