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How to make a loan work for you

By Website

Added 13th April 2017 11:33 AM

People take loans for different reasons. Some pay back and others default and jeopardise their finances. But how can one make the most out of a loan and avoid financial mistakes that lead to defaulting on payments?

How to make a loan work for you

Understand the terms and conditions of the loan and keep your spouse or family in the know about it

People take loans for different reasons. Some pay back and others default and jeopardise their finances. But how can one make the most out of a loan and avoid financial mistakes that lead to defaulting on payments?

People take loans for different reasons. Some pay back and others default and jeopardise their finances. But how can one make the most out of a loan and avoid financial mistakes that lead to defaulting on payments? Damalie Nankya Mubiru, the head of lending products at Stanbic Bank, shared some insights with Jacky Achan

Q: When is the right time to take a loan?

A: Today's customer is looking for the right financial solutions that will help them meet their current and future obligations. The purpose of the loan is usually the determining factor of the timing.

There are a number of key requirements that must be met, prior to applying for a loan. Individuals must think carefully on why they need the loan and search the market for the best rates.

It is important to know that affordability of the loan is usually based on the borrower's salary or cash flow, other loan repayments and household expenses.

Businesses must follow the same approach. When cash flows are steady and growing, it is the best time to consider a favourable line of credit. It can be a lifesaver, in case you have unforeseen emergencies or if you need credit during a slow season. In the case of long-term investments, you might consider longer tenure credit line options. CLICK HERE FOR MORE

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‘Interswitch making banking easier'

With Interswitch, customers do not have to travel long distances to their bank. Jacky Achan spoke to Apollo M. Sebunya on their operations

Q: What is Interswitch about?

A: Interswitch is a Pan- African, integrated, transaction and payment processing company. Its provides shared, integrated e-payment solutions for financial and non-financial institutions. It enables electronic payments to facilitate e-commerce and provides value-added services, as well as real-time online electronic reporting and monitoring to various corporate organisations.

Q: What more products and services do you offer?

A: Interswitch provides a shared platform to financial institutions for ATMs, point of sale, web, mobile apps and agency network CLICK HERE FOR MORE

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