Many Kenyans are increasingly turning to unregulated backstreet lenders, known as shylocks, due to severe economic hardship, high cost of living, and restricted access to traditional bank credit. This reliance on predatory lending often results in borrowers forfeiting assets, experiencing severe depression, and in some tragic cases, suicide.

• Countless Kenyans are facing desperation, choosing shylocks for quick cash over traditional banks due to harsh economic conditions and credit denial.
• The primary entities involved are unregulated digital lenders (shylocks) and financially distressed households and businesses in Kenya.
• A significant and distressing detail is that victims frequently face instances of battling depression, with some reports even ending in suicide, highlighting the severe consequences of this form of lending.