5 Simple Ways to Avoid Burning Money on Loan Penalties
Navigating loan repayments can feel tricky, especially when you're balancing multiple due dates and trying to remember exactly how much you owe.
Many people end up paying unnecessary penalties simply because they miss a payment or aren’t sure of the repayment amount.
In this article, we’ll walk you through five simple tips to help you stay on top of your loans and avoid burning money on costly penalties.
1. Get the info you need on your repayment deadlines
Most lenders wao uku-providia na all the necessary information ile time unachukua loan.
Na using hio information na with the help ya hii tool, unaeza jua exactly how much unafaa kulipa na when ndio u-avoid penalties.
2. Use a loan repayment calculator
This tool iko na few key sections zenye unafaa ku-fill out ndio u-get accurate repayment details:
• Weka Loan Ulichukua: Hii ni ile dough uli borrow.
• Fixed Interest Rate: Hii ni the percentage of interest yenye imekuwa applied kwa loan.
• Number of Months: Hii ni duration yenye uta-have kulipa the loan.
• Date Ulipewa loan: Ile day ulipata hio loan.
3. Put your repayment dates on your calendar
After umesha-enter the above information, the tool itaku-providia na the following details:
• Amount utalipa kwa Paybill: Hii inakupea paybill details time unalipa na M-Pesa.
• Date unafaa kulipa: Hii ni breakdown ya date na siku yenye unafa kufanya payment.
• Due Amount: Hii ni the total amount unafaa kulipa on that particular date.
4. Remember Payment Dates
Ni fiti not to miss your payment dates. Make sure ume save these dates kwa your phone's calendar and set reminders.
Google Calendar ni particularly useful juu even uki-lose tenje yako na u-get a new one, your reminders zitakuwa bado pale pale as long as unatumia the same login details.
This way, hauwezi miss any important dates or payment information.
5. Reach out to your lender if you know you won't be able to make a payment deadline.
Having a good relationship with your lender inamaanisha being in good books nawao.
This is very important as it will determine whether utapata the next loan, whether it is the second ama third loan.
1️⃣The first way of course ni by repaying in time and as per the agreed terms.
2️⃣The second way, if you are in trouble ama unaface any challenge, communicate as early as you can, so that you can together come up with a plan to go around that challenge.
By putting into action hizi tips, uta-create a good record ama reputation yenye ita-ensure that the next time you request another loan, hautakuwa denied.