Once you receive a loan and you promise to pay it back on certain terms, you must honor it. Not paying your loans on time does come with its own consequences which can be avoidable. In this post, we are sharing with you 4 reasons why you should pay your loans on time.
1. To Avoid Penalty
First and most importantly, you should pay your loans on time to avoid being penalized for defaulting. Honestly, it sucks to pay additional money for money you already owe. If you do not send in your monthly payments on time, you will be charged a late fee and penal interest. This will inevitably worsen the burden.
2. Good for Your Fido Score
If the loan you are repaying is most likely not to be your last, you should be concerned about the impact a late loan repayment will have on your future loan applications. With a positive or high Fido score, you credible enough to keep giving you loans when you apply. You can only have a high Fido Score if you pay your loans on time.
3. To unlock higher loan amount
If you are someone who pays their loans on time, it will be easier for Fido to approve your application for top-up loans. Because you do not default on the repayment of your loans, we will have more confidence in your ability to repay that top-up loan as well.
4. For your sanity.
You can't sleep peacefully if you don't repay your loan according to the promise you made. So, for your peace of mind, please pay your loans on time.
To Repay your Fido loan, visit this link.