Finances can spiral out of control for many reasons – redundancy, divorce, illness. Sometimes just the pressures of daily life can see you accidentally forget to make a bill payment. It’s things like these that can land you with a bad credit rating which can stick around even when you’ve sorted through everything and paid all the overdue bills. So, just when you think you’re in the clear, others might not see it like that.
Weekly or Fortnightly payments are better than monthly repayments
Since interest is calculated daily, when payments are made more often you save money in interest over the life of your loan – which means the loan is paid off quicker!