November is finally here with us signalling that the end of year festivities are once again just around the corner. And as we can all agree, no one wants such an important season to find them flat-footed; at least not financially!
As such, the leading micro-lending loan app, OKash, takes this earliest opportunity to not only promote awareness on the importance of credit and the role it plays in our lives, but also provide basic knowledge about what it takes to have good credit and how to manage personal finances responsibly, ahead of the all-important festive season.
OKash prides in equipping consumers with the knowledge to use credit as a tool to help achieve their financial goals and maintain good financial health. Whether you are establishing credit for the first time, or are working to improve your credit scores, here are FIVE OKash Tips which you can consider taking to be successful in managing your finances wisely while building a positive credit history.
1. Make all your payments on time
Your payment history is the most important factor in your credit scores. Even one missed payment can impact them substantially. Consider setting up payment reminders to help make sure you never miss a due date.
2. Keep your expenditures modest
Ideally, you should weigh your spendings against your income to ensure you always have enough money left to settle your outstanding debts by the due date.
3. Download & install the OKash app
If you are not already using the OKash app, downloading it here and installing it in your phone can be beneficial because you are not only able to apply for a loan anytime, anywhere and get it within minutes, but it is good for your credit score as other lenders in future will have your credit file to make reference to on how you manage debts and how likely you are able to repay them on time.
4. Don't punch above your weight when taking a loan
Don't borrow more than you comfortably afford to pay off. As a general rule, you should limit your loans to only what you can afford to pay off. Paying your balance in full each month keeps you from accumulating debt, helps you avoid interest charges, and shows lenders that you can manage debt wisely.
5. Make a budget.
Having a budget can help you stay on top of your finances by letting you have a clearer picture of where your money is going every month. It can also help you see where expenses can be trimmed in order to allow for more money to be diverted to savings accounts and paying off any outstanding debts.