Home Improvement Loans

Affordable Home Improvement Loans From Bayport

Bayport Financial Services has been extending affordable, unsecured credit to Africans in Ghana, Tanzania, Uganda, Zambia and South Africa for several years.  About one-fifth of the clients that borrow money from Bayport do so in the form of home improvement loans.  The relative popularity of home improvement loans is due to the fact that most home improvements are beyond the financial gambit of many people, necessitating a medium- or long-term loan to raise the required funds.

Depending on the extent and cost of the home improvements, clients may opt for a medium-term (twelve to 24 months) loan or a long-term (36 to 60 months) loan.  We counsel a prospective borrower before signing the loan agreement so that they have a clear understanding of what the loan is about and how it will impact their daily lives in terms of the repayments.  This is an important responsibility because Africa is a relatively immature financial market and Africans have differing attitudes towards credit.  We try to avoid clients becoming over-indebted and bogged down by a debilitating debt burden.

Bayport’s interest rates typically run at higher levels than commercial banks, but the difference is not that great when all the extra bank charges and conditions for borrowing are added into the equation.  Our interest rates are also far lower than those of the loan sharks, which typically charge several hundred percent per year.  Bayport occupies the niche between the banks and the loan sharks.

Home improvement loans from Bayport Financial Services are often the only way many “unbanked” Africans can afford to renovate their homes.  For more information, contact us today.