PENSION LOAN: The Natural Choice
Aug. 13, 2020
“A good payer is master of another’s purse”, means someone who is known to always pay exactly as promised can borrow money from other people at any time.
Credit reputation is one of the major things every financing or lending facility looks at. A healthy credit score gives the client an access to borrow money. The question is how do you keep your credit score at a tip-top health?
Pay the money that you owe promptly. Better if you can pay in advance, before or exactly at the agreed payment schedule to avoid any notice. Receiving a payment notice can affect your credit score badly. Remember that prompt payments are more than just a courtesy.
Practice transparency and honesty. Having a great credit reputation doesn’t solely mean that you pay on schedule. It also means that the information you provide and every word you say is clear and true. Any false claims or fraudulent behavior you show to the company you are trying to borrow money from may cause you a bad credit reputation and possibly send you to jail.
Send updates or a heads-up to your loan facility if you will pay in advance, especially if you will not be able to pay on the agreed date. Inform them a week before or at least three business days before due the date so that the loan facility can note it down and give consideration, especially if you issued postdated checks, alert them a week or three business days before to avoid your check to bounce. Again, a payment notice from your loan facility will affect your credit score badly.
The bottom line is if you know how to borrow money, you should also know when to repay the money you owe on time. Also, know before borrowing if you have the capacity to repay the loan. Always assess yourself and the situation if you really need the money before borrowing. A loan is a long-term financial obligation so you should be sure if you can repay it. Remember to borrow responsibly to have a great credit reputation.
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