Financial inclusion is all about ensuring that individuals and businesses can access affordable and responsible financial services and products. Not every individual in modern times earns enough to pay for their daily expenses and even make savings. Persons looking to acquire assets might find it difficult to achieve this goal by only choosing to save. However, with hire purchase schemes, it is possible to achieve this goal. Here is how Kenya Credit Traders is bridging gaps in 2024 by ensuring that consumers can access assets that would otherwise be out of their reach.
How 15% deposit schemes work
Homeowners looking for essential household items need to consider hire purchase deals. Hire purchase schemes are designed to favor buyers that cannot manage to pay for assets upfront. With a hire purchase agreement, a buyer only needs to pay as low as 15% of the cost of the assets to acquire them. This is a down payment for the assets, after which the buyer acquires the household goods and utilizes them. To meet the total cost of the assets, the buyer pays in the form of installments.
How Kenya Credit Traders bridges gaps with hire purchase schemes
It is almost impossible for a majority of Kenyans in modern times to purchase items outright due to the current economic environment. Low income, high taxes, and high cost of living make it hard for a majority of the middle class to make savings. This means that one might need several months or years before saving enough to purchase an asset that they need. However, you do not need to wait for such extended durations to utilize items that you need if you opt to hire a purchase.
With hire purchase schemes, you only need to save up to 15% of the cost of the household items you require. The remaining cost is spread out in the form of monthly installments. This makes it possible for middle-income earners to purchase high-cost assets since they have the opportunity to distribute the cost. The 15% deposit schemes enhance inclusivity by empowering homeowners looking to invest in quality household items. One doesn’t have to settle for low-quality assets if one chooses a hire purchase deal.
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