How to pay off your personal loan
Personal loans generally have high interest rates, so you want to pay them off as quickly as possible.
When you don't have potentially tens of thousands of dollars to pay off a personal loan, you'll pay less interest and have more peace of mind.
There are a few important things to keep in mind when you think about paying off your personal loan faster. Let's go through some easy tips -
Most loans require you to make monthly payments. Instead, pay in half every two weeks. By doing this you pay less interest over time.
If your lender won't allow you to split your loan payment, make an additional payment each year. You can pay off your loan early by making additional payments.
Round up your loan to the nearest $50. The additional amount may be small enough not to hit your budget, but it will help you pay off your personal loan quickly.
If your loan has a higher interest rate, look to refinance to get a better rate. Your credit score can improve after getting a loan. Shop around to find the best rates.
Be sure to contact your lender to see if there are any penalties for paying off your personal loan early.
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