Financial literacy

Are you finding yourself in critical situation where unexpected expense has left you without means of paying your remaining bills? Maybe an emergency has completely drained your financials for the coming month? PesaPlus is here for all your personal loan requirements and instant access of cash to meet your needs

Basing on your needs, you can use PesaPlus loans to cover unexpected medical expenses, emergency repairs, rescue on difficulty paying bills or meeting expenses due to a temporary loss of income, unexpected transportation costs, uncertain households liabilities, Credit card debt or any other unexpected financial obligations

How can I adequately manage my cash flow against debts? 

• Before you apply for a loan, determine how much you actually need to borrow. Borrowing more than your need can lead to higher interest costs and may bring difficulties on paying back
• Read and understand loan terms and conditions, including the repayment schedule and any fees that may be charged
• Utilize the applied loan for the intended purpose and avoid using it for unplanned expenses. This will help you to avoid adding more costs resulting from debts
• Ensure timely repayments for your loan to avoid late fees and additional interest charges. This will highly help to improve your credit score

Why maintaining a good credit score is important?

• Credit score is a very essential factor in determining individual’s ability to access funds from financial institutions. Having a good credit score makes it easier for you to secure loans with favourable interest rates and terms
• PesaPlus uses credit scores to assess customer’s risk of defaulting on the applied loan. Customers with good credit scores are viewed as low risk, creating more favourable terms on applied loans. This may include longer repayment periods, higher loan limits, coupon discounts on fees and more flexible payment schedules
• PesaPlus committed to responsible lending and customer-centric approaches hence ensures access of instant loans to customers who sometimes might been excluded from the traditional banking system while ensuring customers are not overburdened with debts as well as reducing the risk of loan defaults

What should I do to Up or maintain a good credit score?

• When paying back the loan ensure that payment instalments are done in full and on time. Additionally, non-payment will make your profile on Credit Reference Bureau (CRB) showing unpaid loans in arrears. Always lenders assess these CRB profiles when making loan decisions. Non-payment will negatively impact your credit rating hence affecting decisions on your future credit applications
• Try not to open too many accounts in a short period of time. Having too many enquiries into your credit history as a result of excessive credit applications is not healthy
• Make sure your personal and financial information are up to date, correct any mistakes such as name errors, contacts etc. as this could negatively affect your scores