How to repay the loan on time to improve credit rating
If you want to apply for a personal loan but have a bad credit rating, most of the time, the banks will decline your loan request. At AHA Money, we will talk to you, and try to understand why you had dishonours or defaults, and try to understand whether it will be repeated in the future. Hence, the dialog would be a two way communication process, and once the loan is approved and settled & we will work with you to ensure the loan is repaid smoothly, hence you can improve your credit rating or credit reputation.
A short-term loan is suitable for people who need quick access to cash. They need fewer requirement and fewer hassles of filling out all the paperwork, unlike traditional loans. The short-term loan application can be approved within a few hours after your application has been approved depending on the lender.
No one likes to be in debt. And owing money for a long period of time can take an emotional and psychological toll. As short-term loans are paid off much quicker than other loans, as it is more nimbler. It is important to work with a lender who allows your to repay early without extra penalty, as by doing so, you can make your loan more NIMBLE.
Fewer requirements than other loans
Normal banks usually require a lot of documents and paperwork before your loan can be approved. Normally, they will not accept borrowers who has dishonurs or defaults. AHA Money on the other hand, would like to work with you, and try to understand your situation in depth, in order to make an informed decision. Hence you would normally have lesser loops to jump before getting the loan.
You pay less interest
Typically, the longer you owe the lender, the more interest expense you need to pay to the lender. If you can manage to save up more, and repay the loan quicker, then you might be able to reduce your interest expense, as the duration is lesser. Hence it is important to work with a lender, who provides a lending produce which has a flexible repayment schedule.