Loans How to quickly pay off your loans

Augusta

VIP Contributor
When once you get a loan, you would start thinking how you can quickly pay it off and get a rested mind. Well, paying off your loan faster is possible but needs you to be consistent and be determined. you can use the below ways to achieve this.

1. Start by knowing how much you are to pay at a time, then add more money to the repayment plan to pay off. This way you would be paying quicker and have less time to totally pay off.

2.Stop spending with your credit card. This way you are controlling your spending to be able to pay your already owed loans. You can avoid moving around with your credit card to avoid easy spending.

3. Look out for fair deals to take advantage to help you reduce paying more for your needs and save up for your loan repayment. Even go as far as looking out for giveaways to still help you save cost of buying things.

4. Change your financial lifestyle. Think more about how to increase your account than repleting it. This way you would have money readily available to pay off your loans

5. increase your income: This is a good time to diversify to be able to have money enough to quickly pay off your loan.

What do you think?
 

Kola

Verified member
You can pay off your loan by always trying to minimize the way you spend money and also try saving some amount of money so as for you to be able to pay up your debt.its not really a Good thing to borrow loan. So try as much as possible not to borrow loan.
 

Augusta

VIP Contributor
You can pay off your loan by always trying to minimize the way you spend money and also try saving some amount of money so as for you to be able to pay up your debt.its not really a Good thing to borrow loan. So try as much as possible not to borrow loan.
Yeah the number 1 thing is to not borrow at all if you can. Borrowing come with a lot of issues and should be avoided if one can. but if not then it is good to pay off on time by reducing ones spending and increasing income. Avoiding the use of credit card can help and it should be upheld.
 

Jasmine

VIP Contributor
You can get a loan for various purpose, for example a personal loan, car loan, house loan, business loan etc. If your loan is a personal loan, or a car loan, you will have to work hard to save more money so that you can repay your loan. If your loan is house loan, you can rent your extra rooms and flat so that you can pay off your loan. If your loan is a business loan, you need to generate more sales so that you can earn profits and pay your loan. You should pay your loan as fast as you can.
 

Value system

New member
Nice one, taking loans most times is not advisable, but of you cant avoid it, try as much as possible to not get loan for wants rather needs so u can be able to pay off knowing fully well that the person that gave you that loan is a life saver, and always use the voice you used in collecting loan to pay it..cheers
 

Good-Guy

VIP Contributor
I am not aware of any way to quickly pay your loan money. However, I know that you may quickly pay your loans if you borrow an amount that holds the equal value of assets you hold. This is why banks often mortgage the property that have an equal value to that of loans. This is why many people suggest that you should never borrow a large sum of money which you cannot pay in the future.
 

SMART21

New member
Yes, I agree. Don't borrow money that you know you won't be able to pay off.

Also, I would say that if it's for an investment you can spend more money than you have, as there's a high chance you'll make it back.

It all depends on the person, bank and the type of investment.
 
Make bi-weekly payments instead of making monthly payments toward your loan,submits half payment every two week,roundup your monthly payments and you can also make one extra payment every year and boost your income and put all extra money toward the loan.
 

Caramelle

Active member
I would look at the assets that I currently own and decide if I can sell some of them to generate funds that I can use to pay off my debts. If we keep bulky stuff that we no longer need and can find another home, selling them is one way to declutter our home. If the debt is a high-interest one and you are sure that your current and potential income will not be enough to pay it fast enough, you can explore balance transfer options with either zero or low interest. Some banks reward you with minimal interest charges when you transfer your loan from another bank. You may also want to explore government agencies that offer low-interest loans to pay off, once and for all, your consumer loans.

Of course, we need to stop the bleeding. Don't compound the problem by taking out more loans and using credit cards to pay for your living expenses. In addition, don't take out loans to pay for your current month's loan payables. Discipline yourself to use cash and limit your spending to what you can afford at this time. By all means, find side gigs to augment your income. However, do remind yourself not to spend your future income now.​
 

Mataracy

VIP Contributor
Thanks fie the advise. Its very important to adhere to this rules that you are talking about. If one really want to succeed in doing this there are some things that one need to be doing .
(1) Make sure that all the expenses is cut down so that there will be more saving .
(2) One should not be keeping much money to oneself so that it will not be spend.
(3) one should also target the total amount of the loan so that it will be more easier to pay.
I belive if all these is put in to consideration to pay back will not be problem.
 

btaliat

VIP Contributor
Repayment of loan can be somehow difficult if there is no plan on how to repay the money. Personally, I don't borrow except I will have other ways of repaying the money. That's why I prefer borrowing from relative and friends to taking loans. For someone who has loan to repay, there must be cutting down of expenses and prioritizimg what he buys in order to fast track the repayment of the loan.
 

Mellorando

Banned
Even before accepting a loan the key question that should be in your mind, how to pay back the money you are about to be borrowed or loaned
Well in most cases, paying off a loan early can save money, but check first to make sure prepayment penalties, precomputed interest or tax issues don't neutralize this advantage. Paying off credit cards and high-interest personal loans should come first. This will save money and will almost always improve your credit score. Paying down your debt faster may help you get a head start on your goals, whether it’s applying for new credit, saving on the cost of borrowing, or just reducing your debt
 
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