A lot of people get unsecured loans and still don’t have enough to repay or live on. They get into debt even after the pay-day and sometimes don’t have enough for repayment. It’s been a major problem and debts keep increasing. We give loans without collateral at www.creditdirect.ng and care about our client’s financial life.
Major questions asked are, how do I pay my repayment for the “no collateral loan” I collected, cover my daily expenses, have enough to save and yet gain more interest on my money? Saving is a good way out.
Of all the money you make, you can save some to keep for yourself, spend some, while you also have enough for your repayment. Remember, only the money you save is yours to keep. The money spent on things goes to the people from whom you buy.
A savings account is a type of bank account where you securely deposit your money and wait for it to earn you interest. A lot of Savings accounts require that you open an account and constantly make deposits into that account. You can even earn interests on their investments over a specific period.
Here are a few benefits of running a savings account:
- The more money you add to your savings account, the more you earn in interest. You deposit your money and, after watching the principal ‘grow’ for a while, the increase over the original amount is yours to keep!
- A good savings attitude can help you earn a good credit score. A good credit score indicates that you are able to repay your loan on time and perform other financial obligations. A bad credit score on the other hand, indicates you are unable to pay your bills on time and this can prevent lenders from giving you a loan or attract high interest rates.
- When repayment of all unsecured loans are to be made, it wouldn’t be a burden. Defaulting on payments or paying your monthly dues late will do you no good at all, it’s therefore important to have a few cash saved to avoid a default. You might want to take some of that savings and pay down your loans.
- Your savings can serve as a fall back solution during financial emergencies. It’s always important to have money in the bank for when “something” happens.
- If you have a substantial amount of money in your savings account, you can take it out of your savings account and earn more money with it by investing the money in a Fixed Deposit account.
- The savings account will help you build a solid cash base for the future. Living paycheck-to-paycheck is no way to live a healthy financial life.
- Also, if you do not have a credit history and want to get access to a pay-day loan, you can use a good savings deposit as a social capital to secure the loan or to assure lenders that you can make repayments when due.
We at www.creditdirect.ng care about you and, we want you to have a healthy financial life.
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