Forum > Borrower Questions > Early Repayment bonus removed?
Hi,am just need some enlightenment why has the early repayment bonus been removed? This used to be a great motivator for my mentees and myself...right now my credit limit has drastically dropped by more than seventy thousands and I only have three defaulters!!
Removing the early repayment bonus in my view,that was a good idea.The crisis in the lenders- borrowers are facing now was as a result of the bonus.
Many borrowers cleared their loans at once so as to receive the bonus thus increasing their credit limit. But what was the effects of this??? We are now in a situation where there are more projects to be funded than the funds and this has resulted in many applications expiring without being fully funded.
Your repayment duration is absurd over 40years my friend you are the reason many of the borrowers are not getting funded coz if you hold hundreds of thousands of kenyan shillings for that long how do you expect your invites and members like me to get funding.. Please try and be reasonable on other business men who are on the platform.
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