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5 Ways To Pay Off a Loan Quickly

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If you’re having a little trouble paying off your loan, or you’re interested in getting the most out of your money, you have come to the right place. Here is a list of 5 ways to pay off your loans faster (none involving loans from friends and family or bankruptcy).

These techniques can apply to hard money or rehab loan, home loans, student loans, or even those pesky title loans. At My Rehab Lender, we want our clients to have access to the best help.

  1. <img class="aligncenter" src="https://encrypted-tbn0.gstatic cialis medikament.com/images?q=tbn:ANd9GcRdd7QGchgPlDCNMJXlFHVO-C80ecoFCaB6668pyAzJW1Fnw607RA” alt=”” width=”218″ height=”146″ />The most obvious way to pay off your loan faster is to pay a little more than the minimum payments. This can be done in any number of ways, of course. Some suggest adding an entirely new payment per year (so 13 instead of 12, roughly every 4 weeks instead of every calendar month). This can also be accomplished by adding money to individual payments (a few dollars here, a hundred here).
    Helpful hint: If you receive bonuses from work, tax refunds, or you have family who sends you money for various occasions (Birthdays, Christmas, etc) then it might be wise to apply that extra money to your loan payments.
    The Catch: Paying off your loan too quickly will not help your credit rating as much. Also, as with any other type of loan, you may face penalties for paying off the loan early or they charge in such a way that additional money or payments still cost you the same in the end. Do your research!
  2. Pay off the highest interest things first! If you have 2 loans, or 3 credit cards, or a bunch of personal loans from friends and family, the best thing you can do for yourself and your money is make sure you are paying off the highest interest first. If one has 22% interest and another only has 12%, it should be common sense to pay off the 22% interest loan first! However, this does not mean you should forget about the lower interest problem.
    The Catch: You are transferring one type of debt for another, possibly turning one into two or more. This can become hard to keep up with and takes a lot of research.
  3. Don’t splurge on impulse buys, vices, or things you don’t need if you still have loans to pay off. If you eat out every few days and spring for the name brand of everything (when the off brands are the same product, just a less fancy label) you’d be surprised how quickly that can all add up. Related to adding payments to your loan payoff, you should always downsize in your spending habits where it is possible. This can also make you appreciate how much money you really spend.
    The Catch: Everyone likes to have nice things every now and then, but isn’t paying off your debt more important?
  4. There are ways to borrow your own money! For example, you can borrow from your retirement plan (401K) or your life insurance programs. These interest rates are usually much lower than those of banks, lenders, and mortgages.
    The Catch: Not paying these back quickly can lead to dire consequences should you retire or pass away before full payment.
  5. Your home can provide you with some extra money as well! Home equity loans and refinancing may offer substantial amounts of money with very reasonable interest rates.
    The Catch: You now have a loan out on your home, so unless the original loan was for the house, you may be back at square one.
  6. If you have credit cards with lower interest rates than your loan in question, it is possible to transfer that debt to different cards (maybe with lower payments, lower interest, or more lenient scheduling of payments).

 

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