The Benefits of Making Timely Loan Repayments
Benefits of Making Timely Loan Repayments

Every business will at some point require capital to grow their operations. Access to funds during financial downtime provides a business with working capital for operational expenses like inventory payroll or to invest in opportunities to grow the business.

For a small business owner, business loans are a safe and fast way to provide that extra financial boost to keep your business going and grow your returns. Asante FSG through a variety of business loans provides affordable loans to growing businesses to improve cash flow when they need it the most.

Loans not only save the day through injecting just-in-time working capital but they also assist in building credit track record when repayments are made timely. Your credit score is one of the most important factors in determining your creditworthiness. This means your creditworthiness is impacted, among other factors, by your repayment history. The following are more benefits of timely loan repayments.

  1. Lower interest rates: Borrowers with a good credit history may be offered lower interest rates on future loans, saving them money over time.
  2. Avoiding late fees: Late payments may result in additional fees, which can add up over time and increase the total cost of the loan.
  3. Maintaining a good relationship with the lender: Timely repayment demonstrates to the lender that the borrower is responsible and reliable, which can make it easier to get approved for future loans.
  4. Top up loans: these are additional loans offered on an existing loan to individuals with good credit behaviors. They are more accessible to avail and are disbursed much quicker.
  5. Strengthens financial position: A borrower’s financial situation improves after they pay off their loan, because it frees up the money, they’d been putting toward payments to handle other financial obligations.

Asante Financial Services Group is committed to supporting growing businesses in Africa. We value financial discipline because it not only builds financial trust in the long run but it is also directly connected with the long-term financial goals, financial health, as well as access to better financial options of African businesses.

Grow your business’ prospects by practicing positive financial habits today!

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