Loan Repayment Made Faster And Simpler
Some point in life, many of us have been exposed to loans and credits that always lay in our head until we completely repay them and close them off!! Loans are something that comes as an additional breath when you run out of money, for any purpose.
There are many types of loans available these days, and they are all easy to procure. You don't need to have additional assets, a person to be a surety to you, or even be under a huge role in work to get loans; loans are now easier to get and simpler to get another one.
You have the regular bank loans, whose interest rates are almost neutral since years and you have the loans that are given on your pledged documents like property, bonds, Insurance bonds and so on, but here the safety of your asset is at risk if you don't repay on time. The good part is that all these loans are huge in numbers, say you want a personal loan and the amount is a minimum of 10K or higher, or sometimes even higher!!
Are you struggling to only manage a mere 500-1000$ and need some financial assistance for it? then you need to opt for Payday loans, that exactly satisfy your need. They are short-term loans that are given based on your pay so that you repay the next pay cycle. This loan is only for a maximum of one month, a minimum of 15dyas.
So, now you know that you get loans since you are an earning member!! But, wait; never hurry here. What is your strategy to repay? How are you going to repay the loan amount along with interest fee and the regular fee charges? You are getting a loan that is closer or says even 50% of your salary (you are eligible) or maybe even 30%. Once adding all the fees, the monthly interest or the one time repay that includes all of these will become close to 50% of the loan amount, so you need to save 75% of your salary to repay loans.
In case you don't repay loans on time, all that happens is your credit score will move towards negative; and the next time you run around for loans you will find no rescue. The importance of credit report is too vast, one major is you need to have a good score to gain help financially from any sources!
Well, this is not to scare you, but to bring awareness and ensure that you don't go bankrupt by taking loans, instead, you grow your financial status by taking loans and just ensure that you repay without affecting all your commitments and believe us this is no Rocket Science!! All it needs is some disciplined financial planning and some tips.
Read on about those tips:
Check ways to earn extra:
Well, once you have entered into the loan, it's always a good idea to find ways to expand your income source. Find other extra ways to work and earn and save to repay. This ensures that you don't go bankrupt when you are repaying. You don't necessarily need to work extra if you can save in your shopping bills, your e-shopping fantasy, your electricity bills and your outside food bills, can really save you at least 20$ a month and this can become your interest fee.
Apart from them, start looking for some part-time work, that you can manage with your regular work. these days, there is no limit to the opportunities available to work from the internet, you can take up a freelancer role and get a basic payout of monthly 50-100$, which will add to 600-1200$ and that's a good money. So, check for the ways that are possible to your; do all this before you enter into the loan contract.
Check for Fortnight payments:
Just like your payday loans, where you need to payback in a fortnight, also find out for options to repay your bank loans to every fortnight. This actually is the best way, and that's the reason payday loans are designed in similar fashion. This reduces the burden on you, as you pay twice a month, your interest rate is reduced; doing this repeatedly will make the loan repayment faster than the calculated months of instalments.some banks do not charge fees for early repayment, while others do; so have a word with your advisor of the bank or agency and then get started.
In case you cannot get committed to this fortnight payments, then you can always save monies and make some extra payments at the end of the year, like make one installment or even 2 extra. This will be counted and seen as money from tax savings or just any other savings and will be free from any charges or questions. This is the option that most people follow to repay their bank loans.
Save on High Interest:
Check your financial status and make a list of the high-interest loans that you have in your basket; try clearing them off soon. When you close that high paying loan early, you save on the interest and also the money that would have costed you for the extra months, which can be diverted to repay another loan. For this, you can refinance, or take another loan, clubbing all of these to one; and pay directly to one bank or agency or person at a time and keep them all consolidated.
Check for offers:
Yes, many banks and agencies, do give you some percent of discounts for being an early bird, or by registering online and getting all the deals closed online. So, check for these and make a saving by being more tech-savvy or alert to the surroundings around you. the potential to get discounts on interest rates too are high!! So, why do you want to go the old way and pay extra, while you can do everything in the comfort of one place.
Make the payments round figures:Yes, most of the times our loan amounts come as decimals but make around payment and see the difference. The amount would be small, but its effectiveness is huge.