Loan uptake requires you to have a checklist to assist you in sound decision-making. This includes documentation required by the creditors, the suitable loan service to choose from, and a payment plan.
Before creditors can facilitate you with a loan uptake, be prepared to be asked for various documentation of your income, all existing debts, and your assets.
If you are being let to pay your debt settlement over time, set the payment period at a level you can manage financially. Make sure that the payment plan you set with your creditors is realistic and flexible for you.
According to your various needs, analyze which loan uptake best suits you. For instance, at Odyssey Capital, we offer our clients with salary loans, business loans, and electronic financing. It will be wise for you to analyze the interest rates chargeable for the services offered and make a comparison before selecting the service that best suits your needs. Ask yourself if taking an electronic financing through Lipa Later to acquire a Samsung S8 plus, charged at an interest rate of 1% per month is best suitable compared to taking a salary loan of 100,000 shillings that you can use to purchase the same phone and remain with a balance that you could possibly use in making house renovations.