personal finance

Potential risks and consequences of defaulting on a loan in Kenya

Defaulting on a loan payment can have significant consequences for both the borrower and the lender. It can lead to financial problems for the borrower, damage their credit score, and potentially result in legal action being taken against them. In this report, we will explore the risks and consequences of defaulting on a loan payment …

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Saving Challenge 2023: How you can save money in the new year

Are you tired of watching your hard-earned money slip through your fingers each month? Then I think it’s time to take control of your finances and start saving. I understand that saving money can be challenging, but it is an essential skill to have to secure your financial future. This is especially so if you …

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How to improve your credit rating in 2023

Having a good credit score is important for a variety of reasons, including making it easier to obtain loans and credit cards, qualifying for lower interest rates, and potentially even increasing your employment prospects. In Kenya, credit scores are used by financial institutions and other lenders to assess an individual’s creditworthiness, so it is important …

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Hela Pesa Survival Guide: How to stop wasteful spending

Wasteful spending can be a major drain on your finances, leaving you with less money to save or spend on things that truly matter. It’s easy to rationalize unnecessary purchases, telling ourselves that we deserve to treat ourselves or that we need a certain item to be happy. However, this kind of thinking can quickly …

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The role of the employer in facilitating check-off loans

In Kenya, check-off loans, also known as salary-deduction loans, are a common form of credit offered by employers to their employees. These loans are deducted directly from the employee’s salary, making them a convenient way for employees to access credit. The employer plays a key role in facilitating check-off loans for their employees and is …

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Potential risks and consequences of defaulting on a loan in Kenya

Defaulting on a loan payment can have significant consequences for both the borrower and the lender. It can lead to financial problems for the borrower, damage their credit score, and potentially result in legal action being taken against them. In this report, we will explore the risks and consequences of defaulting on a loan payment …

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What you need to know about Personal loan borrowing

Personal loans are short-term loans taken by a borrower and are usually repaid on a monthly basis. They are usually unsecured and don’t need collateral for them to be issued. Personal loans are normally for amounts from about 1,000 up to 100,000 with repayment terms from one to twenty-four months depending on the monthly charges …

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