Business is booming for informal lenders (mashonisa's)

At a time when consumers face immeasurable pressure with their finances, business is booming for informal lenders such as Mashonisa's. Many consumers are unable to approach formal banks because of the stringent lending criteria or due to a poor credit record so-called blacklisting. This leads them to loan sharks popularly known as mashonisa's that lend at exorbitant interest rates yet give the money immediately with no questions asked. In turn, the business of mashonisa's is doing well with profits soaring. The word "Mashonisa" is an informal word for a person or company that provides loans to consumers. Liabo Setho has more. For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.