A borrower has come forward with disturbing claims against Momentum Credit, accusing the company of unfair loan repayment practices that have left him financially drained despite years of consistent payments.
The individual, speaking to Cyprian Is Nyakundi, shared that he borrowed Ksh 205,000 from Momentum Credit in 2020 but has been subjected to a repayment system that makes no sense.
He revealed that despite paying close to Ksh 600,000 by January 2023, the company still insists that he owes the same amount he initially borrowed.
According to the complainant, every time he requests a pay-off amount, the company sends him a figure that matches his original loan balance, showing no sign of reduction despite his regular payments.
He explained that between 2021 and 2022 alone, he paid Ksh 521,000, yet the statements he receives from the company show no progress.
He has repeatedly tried to raise the issue with Momentum Credit, but his complaints have been met with the same response to pay according to the system-generated statement.
This, he says, has caused immense frustration and financial strain, as it feels like he is trapped in a debt cycle with no end in sight.
The situation raises serious concerns about transparency and accountability within Momentum Credit’s loan management system. For a financial institution that markets itself as a reliable credit provider, such experiences paint a worrying picture of how customers are treated once they take loans.
The borrower insists he has kept all his statements since 2020 and that they clearly show the total amount he has paid over the years. Yet the outstanding balance remains unchanged, creating suspicions about possible manipulation or systemic exploitation of customers.
This case also reflects a broader problem many Kenyans face when dealing with microfinance and digital lending institutions.
While these companies promise quick access to credit, many borrowers later find themselves trapped in complex repayment structures that are difficult to understand.
Hidden charges, unclear interest rates, and poor customer support often leave clients paying far more than what they borrowed without ever clearing the principal amount.
In this case, the fact that the complainant has paid almost three times the loan amount without any reduction in balance shows how exploitative such institutions can be.
Momentum Credit’s lack of transparency and unwillingness to address such concerns only makes matters worse. For a company operating in a regulated financial environment, it should be mandatory to offer clear breakdowns of payments, interest, and outstanding balances.
Refusing to correct or even explain such discrepancies suggests a disregard for consumer rights. The borrower’s call for exposure through Cyprian Is Nyakundi highlights how desperate customers have become in seeking justice and public accountability.
Unless authorities step in to investigate such practices, more Kenyans could continue losing their hard-earned money to unfair lending systems. The complainant’s experience with Momentum Credit serves as a warning about the dangers of dealing with lenders who appear legitimate but fail to uphold transparency and fairness in their operations.
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