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
Paying a loan fortnightly (every two weeks) can offer some advantages compared to making monthly payments, primarily due to the way the payment frequency affects the total interest paid and the pace at which you pay down the loan. Here’s how paying a loan fortnightly can be beneficial:
Faster Debt Reduction: When you make payments every two weeks, you end up making 26 half-payments in a year (equivalent to 13 full monthly payments). This results in one extra payment per year, which goes directly toward reducing the principal balance of the loan. As a result, you pay off the loan faster, which can save you money on interest and help you become debt-free sooner.
Interest Savings: Because you’re reducing the principal balance more quickly, you’ll pay less in interest over the life of the loan. With less outstanding principal, the interest on the remaining balance is lower, which means you’re charged less interest with each payment.
Improved Budgeting: Some people find it easier to budget and manage their finances on a biweekly or fortnightly schedule, aligning with their paychecks. This can help ensure that they have sufficient funds to make their loan payments.
Financial Discipline: Making payments more frequently can reinforce financial discipline. You become accustomed to making regular payments and staying on track with your debt repayment.
However, it’s important to note that the benefits of paying a loan fortnightly mainly come from the extra payment you make each year. If you have the discipline to set aside money for an extra monthly payment, you can achieve similar results by making 13 monthly payments per year instead of 12.
To determine the specific advantages of paying your loan fortnightly, it’s helpful to use a loan calculator or consult with your lender to understand how the payment frequency impacts your loan’s amortization and total interest cost. Keep in mind that while fortnightly payments can be advantageous, they might not be suitable for everyone, and you should choose a payment schedule that aligns with your budget and financial goals.
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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Contact：+254 796383534
