6 Tips to Speed Up the Loan Repayment Process

I’m always on the hunt for relevant info and I loved this - one of the best articles I’ve seen on this topic for a while. Here are a few paragraphs as a taster...

Loan repayment schedules are calculated to make payments as affordable as possible. However, the lower your payments are, the longer it will take to pay off. This means you’ll end up paying more in interest over the life of the loan, and, for many people, this is far from ideal. Here are a few tips to help you pay down your loans faster so that you can save money in the long run.

How to Pay Off Your Loans Quickly

1. Make Larger Payments

Making larger payments is the easiest way to pay down your loan fast. Just rounding your payment up an additional $10 a month can help you pay it off more quickly over time. 

2. Use Your Tax Refund

Rather than using your tax refund to buy the latest and greatest piece of technology, consider using it to make an extra payment on your loan. If you do this every year, the larger annual payment can help speed up the repayment process, especially when combined with rounding up monthly payments.

Pretty valuable stuff, I’m sure you’ll agree! Why not check out the whole article here and share your thoughts with me afterwards: call (0400) 032-110 or email me at [email protected].

Thanks,

Bill Mitchell