A credit score is a key indicator used to assess a borrower’s ability to repay a loan. It reflects how responsibly a person manages their loan repayments over time.
Credit scores are determined by reviewing whether borrowers make their repayments on time throughout the loan period. Consistent and timely payments contribute positively to a borrower’s credit score.
On the other hand, frequent late payments or repayments made after the due date may result in a low credit score. Borrowers with low credit scores may be considered as not meeting lending criteria, which can make it more difficult to obtain loans—not only from Hayman but also from other financial institutions in the future.
Therefore, if you currently have an active loan, it is important to make repayments on time to maintain a healthy credit score. A good credit score can be a valuable advantage when you need financial support again in the future.
With the aim of promoting financial awareness and helping our followers make informed financial decisions, Hayman is pleased to share this information to support responsible borrowing.