|Posted on February 15, 2014 at 8:20 PM|
You are a new member to Exclusive Financial Services and you took a payday loan. You have the loan outstanding and it is now payday, so you find yourself with some money. Should you pay off your loans early? Yes!! It’s important to understand and remember what the purpose of the loan was for, and that there is interest accumulating. You’ll save a bundle if you eliminate the loan early.
Save by Paying off Loans
When you pay off a loan, you’ll stop paying interest. To meet the needs of its many members Exclusive Financial Services require funds to assist other members along with sustaining itself as an organization. This is the driving factor why it is necessary to charge 20% per pay period until the entire Loan is paid off. Over your lifetime you’ll benefit more if you pay off loans quickly.
Pay off Loans for Financial Strength
As you pay off loans, you become more attractive as a borrower and a better E.F.S. member to receive additional assistance in the future. Exclusive Financial Services wants to be sure you have enough income to pay off loans, and that existing loans don’t eat up too much (usually some percentage) of your income. When you pay off loans, you improve your debt-to-income ratios and are more likely to get a new financial assistance.
Peace of Mind
Many Jamaicans hate debt and they pay off loans as soon as possible. Exclusive Financial Services think that’s fine, and encourages members to do so. You can’t put a price on happiness, and your transactions with E.F.S. should not affect your happiness negatively always take a look at the big picture, and make only informed decisions that you can live with.