Bayport Budget Booster
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Bayport Blog

Bayport Budget Booster

Published: November 26, 2020
Categories: Financial wellness
Tags: Financial Literacy

At Bayport we believe in the transformative power of the right kind of credit at the right time. While we respect the fact that we cannot prescribe to our customers how to use their loans, we are committed to responsible lending. This means that we do not give customers more credit than what they can afford, and that we do all we can to prevent customers from falling into a debt trap.

We achieve our responsible lending goal in a number of ways:

  1. We do not extend payday loans. These are loans customers take out during the month to get by just until they get their salaries. The problem with payday loans is that they carry high-interest rates. When customers pay back the loan at the end of the month, they often don’t have enough money to cover the interest, hence creating a shortfall that keeps on attracting interest. They then need another loan to cover the shortfall and, probably, living expenses as well. As the cycle continues, the shortfall keeps growing until the customer has no hope of ever repaying the debt.
  2. We encourage our customers to take control of their finances by budgeting and tracking their expenses. A budget empowers you to allocate your money in ways that will help you to achieve your financial goals, while expense tracking shows you where your money goes and helps you to identify opportunities to save. Bayport’s online budget tool can help you create a new budget or improve the one you already have.
  3. We help customers to get their debt under control through consolidation loans. When you consolidate your debt, you take out one loan to pay off several smaller loans, so that you are left with a single, more affordable repayment. Because of settlement discounts on your outstanding debt, and the lower interest rate that Bayport offers on a consolidation loan, the single monthly repayment is usually less than what you used to pay on the many different loans. As a result, your cash flow situation improves immediately.
  4. We provide free financial literacy information and tools to all consumers – whether they are Bayport customers or not. The more you know about money management, and healthy money habits and how to implement and maintain them, the more likely you are to make the kind of financial decisions that will lead to long-term financial wellness for you and your family.

For more information and assistance, contact us today: Client services: 087 287 4003 Email: [email protected]

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