FairKash+ Loans
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In Kenya V 4.0.2
5.0 (1 million +)
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for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
With the advent of technology, getting a loan has become easier and faster than before. In Kenya, credit loan apps are becoming increasingly popular. These apps have made it possible for people to get loans without having to go through the traditional banking process. However, many people are still skeptical about the apps due to various reasons, one of which is the issue of early repayment.
Early repayment refers to the act of paying off a loan before the scheduled date of repayment. Some people prefer to do this because it reduces the amount of interest they would have paid over time. However, not all credit loan apps support early repayment. This article will explore the issue of early repayment in Kenya credit loan apps.
What is early repayment?
Early repayment is the act of paying off a loan before the agreed-upon date of repayment. It is also known as prepayment or prepaying a loan. When a borrower makes an early repayment, they reduce the amount of interest they would have paid over the life of the loan. This is because the interest is calculated based on the outstanding balance of the loan. Therefore, the earlier the loan is paid off, the less interest the borrower will pay.
Does Kenya credit loan apps support early repayment?
Not all credit loan apps in Kenya support early repayment. It is important to read the terms and conditions of the loan agreement before applying for a loan. Some loan apps may charge a penalty fee for early repayment, while others may not allow it at all. Therefore, it is important to choose a loan app that supports early repayment if this is something that is important to you.
Benefits of early repayment
There are several benefits of early repayment, including:
Free
In Kenya V 4.0.2
5.0 (1 million +)
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for Android
1. Reducing the amount of interest paid over the life of the loan.
2. Improving your credit score by showing that you are responsible with your finances.
3. Reducing the overall debt burden by paying off the loan sooner.
Drawbacks of early repayment
While there are many benefits to early repayment, there are also some drawbacks. These include:
1. Some loan apps may charge a penalty fee for early repayment.
2. Early repayment may not be possible with some loan apps.
3. Early repayment may reduce your available cash flow.
Conclusion
In conclusion, early repayment is an important consideration when applying for a loan through a credit loan app in Kenya. It is important to read the terms and conditions of the loan agreement before applying to ensure that the loan app supports early repayment if this is something that is important to you. While there are benefits to early repayment, there are also some drawbacks, such as penalty fees and reduced cash flow. Therefore, it is important to weigh the pros and cons before making a decision.
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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