“Shylock lending?” Momentum Credit faces public backlash over unclear loan terms
colokeba 
Momentum Credit has found itself at the center of growing public frustration after a borrower came forward with claims of unfair lending practices.
The individual said they took a loan of Ksh 205,000 from the company in 2020, hoping to manage personal and business expenses.
For nearly two years, they made consistent payments, but the debt balance never seemed to reduce.
When they asked for the final amount to clear the loan, Momentum Credit allegedly quoted the same Ksh 205,000 they had borrowed. By January 2023, the borrower had already paid around Ksh 600,000 in total, with M-PESA statements to back up their claims.
They said every time they tried to question the figures, the company only instructed them to “pay as per the statement.” Between 2021 and 2022 alone, records show payments worth Ksh 521,000, yet the debt remained unchanged.
Case Draws Public Attention
This prompted the borrower to reach out to blogger Cyprian Nyakundi, known for exposing alleged corporate misconduct, asking him to highlight the issue. Nyakundi posted the case on his platform, X, through the account @NyakundiReport, sparking discussions about how credit companies operate. He said he had received several similar complaints about Momentum Credit, where clients claimed they were paying endlessly without seeing results. Some online users grouped the company alongside others like MOGO and Platinum Credit, accusing them of behaving like “shylocks” who change terms after disbursing loans.
Online Reviews Reflect Frustration
Public reviews mirror these frustrations. On Trustpilot, Momentum Credit scores 2.7 out of 5 from customers who describe poor experiences.
Similar feedback appears on Traders Union, with users mentioning problems like undisclosed fees and delayed responses. A story by Nation Africa also shared the experience of a woman named Evaline, who said her loan with Momentum Credit turned into a nightmare because the amount kept growing despite her consistent payments.
Another social media post mentioned someone who received a message asking for a Ksh 60,000 deposit that was later dismissed as a system error, leaving them anxious about what to expect next.
Company Profile and Mixed Experiences
Momentum Credit markets itself as a trusted financial partner offering logbook loans and working capital solutions since 2017. It is licensed by the Central Bank of Kenya and operates a mobile app for fast financing. However, while some clients praise the quick approval process, others warn about unclear agreements and changing repayment terms.
Employee reviews on Glassdoor, which give the company a 3.1 rating, also point to mixed experiences, with some mentioning internal pressure to meet repayment targets that may strain client relations.
Worrying Trends in Kenya’s Lending Sector
The broader issue reflects a worrying trend across Kenya’s lending industry, where borrowers often find themselves trapped in debt cycles. Rising interest rates, hidden charges, and complex contracts make it hard for ordinary people to get out of debt. Many Kenyans now prefer turning to saccos, which are seen as fairer and more transparent. Others are demanding tighter regulation of digital and microfinance lenders to protect vulnerable customers.
Crisis of Trust
This growing wave of complaints signals a crisis of trust in the credit sector. While Momentum Credit has positioned itself as a lifeline for struggling individuals and small businesses, stories like this show a different picture one where borrowers feel powerless and unheard.
