Getting a loan from a Shylock in Kenya

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Have you ever wondered how to go about in order to acquire a loan from a Shylock in Kenya? In today’s article, we will look at how to secure a loan from a Shylock.

Who is a Shylock

The word Shylock comes from a money lender from one of Shakespeare’s plays, the Merchant of Venice. A Shylock lends you money at a very high interest rate and expects you to repay within the agreed timelines.

In Kenya, modern day Shylocks have come in many forms and sizes. We have those that have rode on the wave of offering mobile loans while we have those others that have stuck to the old ways of doing things.

Why Borrow from a Shylock?

As earlier mentioned, Shylocks lend money using very high interest rates. As a person of rational mind, you might want to avoid acquiring a loan from these types of lenders but at times it may be hard. We are living at a time when money is very scarce as a result of the global pandemic.

Some of us have families which we can no longer keep sustaining because of either being let go from our places of work or even losing our businesses. Therefore, at times it may become absolutely necessary to acquire a loan from a shylock.

For some of us however, we just enjoy living beyond our means and acquiring loans from Shylocks is the only other way to survive until the next paycheck. This particular group of individuals may have already borrowed from every other available online lending platform and failed to repay and hence resulting to them being blacklisted.

Read More: Signs you are living beyond your means

Key requirements to secure a loan from a Shylock

1.Present security

If its your first time or even the Shylock’s money lending policy, you may be required to present something to act as security. If and when you are unable to repay within the agreed period, the Shylock takes procession of the said item. It is worth noting that often times, most people use their phones, laptops, woofers, Television sets, car log books among others.

However, if the Shylock trusts you, you may not be required to present security.

2. Present a copy of your ID

Identification documents are very important. As a result, you may be required to present a copy of your ID in order to act as evidence that you did this willingly.

3. Signing an agreement

Gone are the days whereby verbal agreement was sufficient. At the moment, most Shylocks will require you to sign a written document allowing them to take possession of the secured item in case you are unable to pay.

4. Know a Shylock or Know someone who knows one

Shylock business in Kenya is not legal. Therefore, most business me operate in hiding. One has to therefore know a Shylock or just know someone who knows one in order to be able to access their services. Moreover, Knowing a shylock personally increases your chances of getting a better deal than every one else.

Getting a loan from Shylock Kenya – Interest Rates Charged

A shylock may charge between 20% – 30% to be paid within 2 weeks.  Most have an extension period of other 2 week with an increase in the interest rate charged by 5%. Failure to repay within a month may result into you losing some of your most valuable items.


The Shylock buiness in Kenya is at its peak at the moment contrary to the popular opinion that with the increased used of mobile loans, Shylocks my be thrown out of business. It is quite unfair that Kenyans have to pay high interest rates to be able to fend their families.



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