Trusting a customer to repay their loan builds up a trust score. It is the trust in the relationship between the lender and the customer.
When a debt is repaid, that builds up the customer trust score and opens the door to many other benefits.
Why are trust scores important?
They show that their product is priced right and customers are repaying their loans in order to return for higher amounts, longer terms or lower rates.
Having repeat business for a lender builds the brand and customer loyalty and allows lenders to build a customer base that can then support local communities, fund local charities, support more people in times of need and to improve their products.
If a lender has a low default rate, they can pass on that success to the rates that they offer their customers. The more customers who repay their loans, the lower the rates that the lending company can offer.
If a lender funds 100 loans, and 10 people repay, clearly they will lose money, so they charge more to those who do repay, which is unfair on the good customers.
If a lender funds 100 loans and they all repay, they make a profit and that profit can be shared with communities, can help to reduce the rates of future borrowing, and can be used to grow the company.
If your trust score is high, you will get lower rates, longer terms and higher loan amounts.
If your trust score is low, you will miss payments, have fees and charges added to your remaining balance, your debt will be reported to the Credit Information Corporation, which could affect future borrowing.
High scores of trust show that you are a good customer, and money is available when you need it.
To build up your trust score, simply make your payments on time, and earn the trust of the lender, so they will support you when you need.
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