Paying a Loan off Faster

Overview

If you have a loan, it may be quite beneficial for you to consider finding ways of paying it off faster. This can save you quite a bit of money which would have otherwise gone towards paying interest off. 

Here are a few tips for paying a loan off faster:

Make a spread sheet and budget accordingly

Set a clear plan for yourself. This will help you keep track of your balance.

Pay off smaller debts first

Pay off smaller debts you may have, so you can free up some cash to be able to pay your bigger loan.

Consider cutting certain expenses

Cut back on things that you don’t need. You’ll be surprised at how much you can save.

Make larger or more regular loan repayments

This is a certain way of reducing your overall debt.

Use any money you get back from tax into paying off loans

Make your repayments on time

This will help you avoid paying extra for late penalties

Hold back on using credit cards

Make bi-weekly payments

This way, less interest will accumulate. Remember to discuss this with your lender before first.

Make your payments earlier in the month

Don’t ignore the debt

Read the fine print and know the repayment guidelines

Start paying immediately

Live well below your means

Learn to negotiate

Track your payments closely