FairKash+ Loans
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
When you have multiple loans with the same interest rate, it generally makes more financial sense to prioritize paying off the smaller loan first. This strategy is often referred to as the “debt snowball” method. Here’s why it can be advantageous:
Psychological Benefit: Paying off smaller loans first provides a sense of accomplishment and motivation. It can help you stay motivated to tackle your debts and make progress, as you see tangible results sooner.
Reduced Number of Obligations: By eliminating one loan, you reduce the number of monthly payments you have to manage, simplifying your financial life.
Extra Cash Flow: Once you’ve paid off the smaller loan, you free up the money that was going toward its monthly payment. You can then apply that extra cash toward paying off your larger loan faster.
Snowball Effect: As you pay off one loan and then apply the payment amount to the next smallest loan, your debt repayment gains momentum. This snowball effect can help you pay down your debts more quickly.
While the debt snowball method has psychological benefits and can be motivating, it’s important to note that mathematically, the “debt avalanche” method, which focuses on paying off the highest-interest loan first, is often the most cost-effective way to reduce your overall interest expenses. This method can save you more money in the long run.
Ultimately, the choice between the debt snowball and debt avalanche methods depends on your financial goals, personality, and preferences. If you find that the psychological boost from paying off smaller loans first helps you stay committed to your debt repayment plan, the debt snowball method may be a good choice. However, if your primary goal is to minimize the total interest you pay, the debt avalanche method might be more suitable for you.
In either case, the key is to create a budget, stick to your repayment plan, and avoid taking on new debt while paying down your existing loans.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
FairKash+ is approved by the Central Bank of Kenya. Download and use it.
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