My name is Elias. I earn a net salary of Sh26,000. I work for a county government. I am about to take a loan from a local bank. The bank has offered the loan at an interest rate of 26.33 percent.
I want to use this loan to pay off my rent arrears of Sh43,000, pay my son’s Sh51,000 school fees (he is joining grade one and I want to pay a full year at a private school), pay my niece’s fees arrears of Sh14,000, and buy three sheep for my mom at Sh8,000 to Sh11,000 each in the village.
