How to Manage Your Outstanding Loan

nomad

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• Dec 12, 2023

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Do you have an outstanding loan? How do you manage your outstanding loan? How do you ensure that you do not default on your loan? What kind of repayment strategies are you utilizing for you loan repayment?

It is very important to repay your loan (the principal loan amount and interest) on time to manage your loans. If you are not repaying on time, it will lead to financial constraints, potentially impacting your saving and investment.

 

Starmix

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• Dec 14, 2023

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Luckily, I do not have a standing loan. I had it years ago when my friends wanted me to experience loaning and was so terrified with the interest. I paid my loan before the due date to save my money.

 

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Stardom22

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• Dec 18, 2023

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I currently have standing loans. The most important thing l do with the loans is that l make sure to repay them before the due date to improve my credit worthiness.

 

Starmix

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• Dec 19, 2023

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I no longer have a loan. I paid it many years ago when I was a new employee. I was ignited with the whims of my friends without thinking how bad yo have a loan without purpose. It's just to enjoy the money.

 

nomad

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• Dec 23, 2023

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Stardom22 said:

I currently have standing loans. The most important thing l do with the loans is that l make sure to repay them before the due date to improve my credit worthiness.

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If you miss a loan repaying deadline, you will have to pay penalty, if you are paying penalities loan repayment will get harder and harder. Therefore, you might have to cust your expenses, to save some money so that you can pay off your debt.

 

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Nite

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When you fail to repay your loan on time, it can have several negative consequences on your financial well-being. Firstly, late payments often incur additional fees and penalties, increasing the overall cost of the loan. These extra charges can put a strain on your budget and make it even more challenging to meet your other financial obligations.

 

nomad

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• Dec 28, 2023

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If you are not financially capable, why do you take the loan in the first place. There are two conditions for loan, one you need to be financially capable to pay off, and two, you use for profits.

 

cherry123

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• Nov 7, 2024

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Yes, this is the way to go . one should repay their loan on time to manage repayment. If one is not repaying on time, it will lead to financial loss through high interest

 

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• Nov 9, 2024

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Failing to repay a loan on time can result in accumulating high interest charges .

 

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Unyime

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• Nov 9, 2024

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I always use my side hustle to source for the money to repay my loans.

 

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Nite

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• Nov 11, 2024

• #11

A side hustle to repay loans is good one. It's important to find ways to increase income and reduce debt.