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The only time you should take a loan while repaying another

We all know about loans. You’ve probably taken one before, or are repaying one now. However, most times when you have a loan that you are still repaying, you can no longer take a new one, as is the case with many financial institutions. Letshego on the other hand, offers you the opportunity to top-up your loan to meet your urgent emerging financial needs. Existing customers with loans can qualify to top up their running loan depending on their affordability.

Take Amani’s case for example: He is a top-performing mid-level employee at an insurance firm with a bright future ahead of him. He took a personal loan with his bank to buy his first car. Knowing he was going to get his monthly salary,  he believed repaying the loan would not be a problem.

Unfortunately, the COVID 19 pandemic resulted in downsizing at his office which resulted in him losing his employment and saddled with a huge, unpaid loan. Not one to be down for long, Amani has since started his own consulting business while finally committing to his dream of establishing his own farm. The story would have ended here, however, Amani’s new challenge has been raising capital for the much-needed inputs at his farm,  while repaying the loan he took.

Amani would have been in a better situation if he had obtained his first loan from an institution that offers  a loan top up option. The Payroll loan from Letshego offers customers the convenience and benefit of getting a loan top-up when the need arises.

Why a Letshego Top-up can be a lifesaver:

Meet Emergency Needs Easily

The Letshego top-up is perfect for emergencies because you do not need to start a new loan application. You also get to provide minimal documentation and in some countries no documents at all to top up your loan. This is because your existing details are used to process your second loan.

Quick Disbursement

Letshego makes the process of disbursing your top-up funds much quicker since you have already met the KYC requirements.

 

Easy to repay

To better manage your loan and ensure a good credit history, the Payroll loan takes away the worry of having to remember your monthly repayments. Your employer sends the repayment amount directly to Letshego monthly.

Visit www.letsgo.letshego.com to learn more about how to Top-up on your existing loan and other great products made to suit your financial needs!

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