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visazone · 4 years

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souravsr7-blog · 5 years

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Paying off you personal loan faster - here's how!

Borrowing a loan should not cost any extra money from you, but longer tenure and compound interest surely can! But these are not the extras, some lenders cost extra money forcefully just to lending money. Some of them even charge prepayment penalties if you go for paying a loan early.

However, by choosing to pay your debts early, you can always save some money that otherwise would have wasted on interest.

So, what are the benefits to pay off a personal loan early? The answer is quite simple.

Save some interest

As you've read earlier, by paying off debt early, you can save hundreds of bucks. You don't have to make a budget every month and if your loan is a long term one, you'll save even more.

Get more cash

When your monthly installments are out from your budget, you can have your access to more money than before. You can use that money to do other things for your business.

Apply for another loan

If you want a bigger loan than the one you currently have, paying off this one will lower your debt to income ratio. Some lenders don't allow you to borrow from them if you have already had one added to your budget.

Now when you're aware of the benefits to pay off a loan early, you can simply follow these steps to pay off a personal loan ahead of its schedule.

Cut your expenses and save some extra bucks

If you want to consolidate your debt early then you must have to reduce your daily expenses and save more money to the greater good. Keep saving that smaller cash and when it becomes a relatively large capital, use it to repay your loan.

Sell your unwanted items

Every one of us has some unnecessary items that we don't use that often. If you have such items, sell it to your nearest shop or online website such as eBay, Quikr to earn some money that you can put towards your loan.

Pay every two weeks instead of once in a month

Most of us pay our loans monthly, but if you start paying twice in a month you can pay your debt more quickly. It may look like that you'll pay 24 installments a year but you'll actually pay 26.

Add extra money to your monthly installments

Suppose your monthly installment is three thousand eight hundred rupees, you can add two hundred more into it to round it up to four thousand. It may not feel that much for you but if you look into the big picture you'll actually save some installments.

Go for one big payment

If you get a hike in your financial budget or earn more cash than you've expected to use that money to pay off your loan. But make sure that this money goes to your loan balance and not to your interest.

It is always best to consolidate your debt as early as possible and these ideas above will help you to do so. But the thing that you need to remember before paying off early is how much money you have to pay as a prepayment penalty. Make sure you can pay off the whole amount at once and make these extra charges is worth it.

#personalloan #prepaymentpenalty #earlypayment

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