You know that feeling you get when you receive a credit alert, especially that one you are not expecting? That’s exactly how we feel when you pay back your loans early.
Last week, we discussed how early loan repayment can boost your credit score and also increase your chances of getting a loan, but that’s just half of the amazing benefits that come with early repayment.
Early repayment doesn’t mean taking a loan today and paying back the next day. Early repayment is taking a loan for a period of time and repaying on or before the due date as agreed.
When you take a loan and repay that loan in due time, you don’t just earn our trust, you get a reward too because we believe there should always be a reward for good deeds.
Here are some of the benefits you will enjoy;
Higher Loan amount and Longer Duration
As I said, you earn our trust when you repay loans early, which means you can get higher loan amounts with longer duration to pay back.
Discount on Interest Rate
You can get up to a 5% discount on the loan interest rate when you repay loans early, amazing right!
Once you pay back early, you can reapply for a new loan instantly and your application will be duly considered.
When applying for loans, always look to pay back on or before the due date, as it does not only improve your credit history but comes with beautiful benefits.