How to pay off your personal payday loan? 3 Strategies to get rid of faster!

by admin

Asked for a personal payday loan and do not know how to organize to repay it? Calmly, we’ve brought you this article with 3 super useful tips that will help you repay your loan faster and get rid of debt! Check out.

Pay the payday loan every two weeks

loan

Instead of repaying your loan each month, you’d rather pay half the installment every two weeks. But why?

– Reduction of accrued interest since payments will be more frequent;

– You will be paying an extra portion of your loan each year, because the year has 52 weeks, equivalent to 26 payments every two weeks, ie you will be paying 13 installments and not just 12;

– By doing this you shorten the term to repay your loan.

Round the number of parcels

Round the number of parcels

If your installment is R $ 375,30 try to pay R $ 400,00, so you will be paying an extra R $ 24.70 every two weeks, or every month, avoiding the loss of funds. This amount will result in an additional $ 296.40 after one year.

Who knows, you too could not exceed the installment and add $ 50 or $ 100 a month, this will make the loan term shorter and save money on interest.

Get extra income

income

You can use the money from your 13th salary to help repay the loan faster.

Or, for example, you can divide your share of R $ 375.30 by 12 and add the result (31.27) to each payment, that is, you will pay R $ 406.57, resulting in an extra payment each year.

In short, there are several advantages of repaying your loan early, so choose a strategy and put it into practice.

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