84 Views

5 Ways To Pay Your Loan Off Quickly

Below are some of the best methods to pay off your car loan, credit cards, or any type of debt even faster as advised by .huffingtonpost.com.

  • Make bi-weekly payments: Submit half the payments to your lender every two weeks instead of the regular monthly payment. This will accomplish three things:

Less interest will accumulate, because your payments will be applied more often.

You will make an extra payment, because there are 52 weeks in a year, which equals 26 yearly payments (or one extra).

Doing this for the duration of the loan could shave off several months.

Make sure to discuss this with your lender before making bi-weekly payments, because you might be penalised for any extra payments or paying off the loan balance early.

  • Round up the payments: Rounding up your payments is an effortless way to pay extra without even missing the funds. Just like making bi-weekly payments, you don’t need a lot of extra funds to knock a few months off the term of your loan.
  • Make one extra payment: If you don’t have the cash flow to commit to bi-weekly payments, you can achieve the same result by making one extra payment per year. Use money from a tax refund or bonus from work to help pay down your loan faster. Or you can divide your monthly payment by 12 and add this amount to all future payments.
  • Refinance your loan: This is one of the easiest ways to lower your payment, save interest, and pay off your loan in half the time (if you have semi-good credit, of course). Many local banks and credit unions are offering super-low interest rates on mortgage loans and car loans. So if you have not refinanced your loan (or taken advantage of 0-percent interest), now is the the perfect time to do it.
  • Take advantage of paperless: Sometimes additional discounts are offered when you sign up for auto payments and paperless statements. It saves the lender money by not having to follow up with paper billing and creates a seamless payment experience, so there are no late fees.
ALSO READ  5 Ways To Keep Your Man Happy

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

PDP Reportedly Shortlists Five Heavyweight Politicians For 2019 Presidential Elections (See Full List)
Politics
16 views
Politics
16 views

PDP Reportedly Shortlists Five Heavyweight Politicians For 2019 Presidential Elections (See Full List)

MT - January 23, 2018

The Peoples Democratic Party (PDP) is reportedly banking on seven people to challenge the All Progressives Congress (APC) in the presidential contest ahead of the 2019 general…

How Buhari Ordered For My Arrest And That Of My Colleagues In Abuja – Oby Ezekwesili
Politics
20 views
Politics
20 views

How Buhari Ordered For My Arrest And That Of My Colleagues In Abuja – Oby Ezekwesili

MT - January 23, 2018

Co-leader of the Bring Back Our Girls (BBOG) movement, Oby Ezekwesili, has revealed on her Twitter account this Tuesday afternoon that some police officers deployed by the…

What Manchester United Number 7 Jersey Means To Me – Alexis Sanchez
Sports
20 views
Sports
20 views

What Manchester United Number 7 Jersey Means To Me – Alexis Sanchez

MT - January 23, 2018

Manchester United striker, Alexis Sanchez, has revealed what the club number 7 jersey means to him. The Chilean international was handed the iconic number seven shirt on…

Oscars 2018: See The Full List Of Nominees For The 90th Annual Academy Awards
Entertainment
22 views
Entertainment
22 views

Oscars 2018: See The Full List Of Nominees For The 90th Annual Academy Awards

MT - January 23, 2018

  The nomination list for the 90th annual Academy Awards have been released. The Oscars will take place at Los Angeles’ Dolby Theater on March 4, 2018 and…

Here Is The Intriguing Life Of Talented Nigerian Rapper, Ycee
Entertainment
14 views
Entertainment
14 views

Here Is The Intriguing Life Of Talented Nigerian Rapper, Ycee

MT - January 23, 2018

Oludemilade Martin Alejo popularly known by his stage name YCEE, is a Nigerian rapper and songwriter currently signed to Tinny Entertainment. Early Life & Education YCEE was…

Davido Dresses Up Like An Old Man And This Is What He Looks Like
Entertainment
20 views
Entertainment
20 views

Davido Dresses Up Like An Old Man And This Is What He Looks Like

MT - January 23, 2018

Davido shot the video for his first song of the year ‘Flora My Flawa’ yesterday and he had some funny costumes. He’s seen here dressed as an…

These 5 Female Nigerian Celebrities Will Make You Embrace Low Cut
Entertainment
17 views
Entertainment
17 views

These 5 Female Nigerian Celebrities Will Make You Embrace Low Cut

MT - January 23, 2018

Deciding to wear a low cut takes a lot of bravery and commitment and many Nigerian celebrities have taken up this style. Many international celebrities like Teyanna…

A Background Into The Fabulous Life Of Petite Singer, Di’Ja
Entertainment
18 views
Entertainment
18 views

A Background Into The Fabulous Life Of Petite Singer, Di’Ja

MT - January 23, 2018

Hadiza Blell, better known by her stage name Di’Ja, is a Nigerian singer, visual artist and songwriter. She is currently signed to Mavin Records. Early Life &…

President Buhari Reveals How He Will End Herdsmen Killings
Politics
24 views
Politics
24 views

President Buhari Reveals How He Will End Herdsmen Killings

MT - January 23, 2018

President Muhammadu Buhari yesterday assured Nigerians that the rising attacks on communities by herdsmen will soon be brought under control by security forces deployed to the vulnerable…

List Of 16 States Ready To Establish Cattle Colonies For Herdsmen
Politics
32 views
Politics
32 views

List Of 16 States Ready To Establish Cattle Colonies For Herdsmen

MT - January 23, 2018

Sixteen states in the nation have agreed to establish cattle colonies for herdsmen. The establishment of cattle colonies was an idea proposed by the federal government to…

BBOG Convener, Aisha Yesufu, Lists “Why President Buhari Is Corrupt”
Politics
39 views
Politics
39 views

BBOG Convener, Aisha Yesufu, Lists “Why President Buhari Is Corrupt”

MT - January 23, 2018

Convener of the Bring Back Our girls group, BBOG, Aisha Yesufu has listed various ways she believes President Muhammadu Buhari's administration encourages corruption. On Tuesday, Aisha attacked…

Daughter Of The “Dancing Senator”, Adeleke And Davido’s Cousin Wows In New Pics
Politics
41 views
Politics
41 views

Daughter Of The “Dancing Senator”, Adeleke And Davido’s Cousin Wows In New Pics

MT - January 23, 2018

Nike is the beautiful daughter of Senator Ademola Adeleke ''the dancing senator'' who is Davido's uncle. She shared the new photos on the gram. See another below

This Year, I Will Invest In More Valuable Properties Rather Than In Expensive Bags – Danielle Okeke
Entertainment
37 views
Entertainment
37 views

This Year, I Will Invest In More Valuable Properties Rather Than In Expensive Bags – Danielle Okeke

MT - January 23, 2018

Nollywood actress Danielle Okeke says her new dawn in 2018, is to invest in more valuable properties rather than in expensive bags..... Hmmm Hope this aint no shade?…

PHOTOS: Couple Rock In Their Secondary School Uniform For Their Pre Wedding Photo Shot
Inspiring
42 views
Inspiring
42 views

PHOTOS: Couple Rock In Their Secondary School Uniform For Their Pre Wedding Photo Shot

MT - January 23, 2018

Below are beautiful photos of a couple who rocked their secondary school uniform for their photo-shoot, and it’s simply amazing!

Lovely Photos From Peter Okoye’s Daughter, Aliona 5th Birthday Party As Friends Join To Celebrate
Entertainment
47 views
Entertainment
47 views

Lovely Photos From Peter Okoye’s Daughter, Aliona 5th Birthday Party As Friends Join To Celebrate

MT - January 23, 2018

Peter Okoye's daughter, Aliona turned 5 on Monday, January 22, 2018, and she sure did have fun with her friends. The beautiful daughter and second child of…

How Pregnant Young Girls Between Ages Of 8 – 13 Years Are Causing A Scene In Calabar
Shocking
64 views
Shocking
64 views

How Pregnant Young Girls Between Ages Of 8 – 13 Years Are Causing A Scene In Calabar

MT - January 23, 2018

Images of girls between the ages of eight and 13 years with protruding stomachs, noticeably pregnant, are familiar sights in Calabar and other parts of Cross River…

That Mesmerizing Moment Davido Allows Female Fans Touch Him While On Stage (Video)
Entertainment
54 views
Entertainment
54 views

That Mesmerizing Moment Davido Allows Female Fans Touch Him While On Stage (Video)

MT - January 23, 2018

Fans and the way they adore and show love to celebrities when they meet each other… Davido is no stranger to such love and he took it…

Nigerian Women
44 views

OAP Toolz Visits Bakassi IDP Camp In Maiduguri (Video)

PH - January 23, 2018

The boiling Borno State capital, Maiduguri is one of the places in the north east that many dread to visit, especially if they do not have to…

Loading...