Today, most people use various types of loans or apply for cards. It is convenient, affordable and easy. Immediately we become the owners of modern household appliances or a car, we invest credit in a business idea, we plan the design of our own apartment or house. We get the benefits right away, but their payment is delayed for several years. But if you want, you can always figure out how to quickly repay the loan.
Where to begin?
The painful "credit yoke" makes us save, limit ourselves and loved ones in shopping. Moreover, if we calculate the overpayment for the entire loan term, we understand that we stretch such dubious pleasure only at a loss.
How to quickly repay a loan, get rid of obligations to the bank? The issue becomes relevant after the first two payments. It should be borne in mind that at the beginning of the term interest and commissions on obligations are repaid. The body of debt is written off slowly, last but not least.
We will give you clear recommendations and explain how to quickly repay a loan. Tips, methods and subtleties will help you build your personal debt repayment scheme.
Check all interest and loan commitments commissions
Each of us carefully reads the loan agreement at the time of signing. But over time, memory erases a lot of important information. We forget the details and nuances, we confuse the amounts and percentages. Especially if there are several loans.
After receiving the full information from the bank, determine the largest debt. Interest rates and commissions on it will be high. This means that paying off the debt will take longer. This loan will be your priority for repayment.
Without reducing payments on other obligations, it is necessary first of all to close the most expensive debt. How quickly you can repay the loan depends on your composure and perseverance.
10 percent rule
Repaying a loan with minimal payments, you stretch the pleasure of being a bank customer for the entire term of the contract. In order to pay off debt obligations faster, it is necessary to increase the repayment amount by at least 10%. This will not significantly affect the family budget, but will significantly reduce the loan repayment period. For example, the payment was 10,000 rubles, and you will pay 11,000 rubles every month.
If you have several loan obligations, do not increase payments by 10% for all. Concentrate on the largest, while making payments on all other payments with acceptable amounts. Early closing the first, you transfer the 10% rule to another debt.
You can understand how to quickly repay a mortgage loan, if you correctly distribute your financial flows. You must evaluate your potential for debt repayment.
Tidy up the family budget
How to quickly repay a loan without changing the sources of income? It is necessary to determine the optimal monthly and daily living wage for the family. You cannot go beyond the bounds of this amount. It is necessary to take into account mandatory expenses: payment of utilities, children’s education, purchase of food and hygiene products. Get a notebook where you will contribute all income and expenses. Before going to the supermarket, make a shopping list, do not get too much.
Limit yourself to parties and dinners in restaurants. Gather with friends at home. This will significantly save your money. Within a month of keeping a record of the family budget, you will see surplus money that will find application in paying off a loan.
We don’t think how much we spend on things without which we can live.With the proper use of personal financial resources, the question of how to quickly repay a loan will not be relevant for you.
Additional income
You can increase the amount of infusions into the budget in various ways. It’s great if you have the opportunity to earn extra money - take overtime work or extra workload, work on a new project or take part in motivation systems.
Perhaps you have a hobby in the arsenal of skills that can bring not only pleasure, but also financial assistance. Nowadays, there are very popular types of additional earnings: hand-made, private English lessons, work on the Internet and others. If you have a personal car, you can engage in private transportation in your free time.
You can earn extra money by selling things that you no longer need. An old bicycle, children's clothing, unnecessary furniture will be useful to another owner, and you will receive a certain amount to pay off debt to the bank.
If you understand that the loan sucks you deeper, then you can resort to the help of relatives and friends. Borrowing money from loved ones is profitable. This is often an interest-free loan. If you violate the agreements, you may lose the support of your close circle. If you do not return the money on time or an incomplete amount, there is a possibility of gaining the fame of a swindler.
Avoid fines
Sometimes it happens that you cannot make a compulsory loan payment, and debt obligations are higher than your financial receipts. Do not let your loan be past due. The imposition of fines entails: additional funds for their repayment, spoiled relations with a banking institution and a negative credit history.
The Bank is no less interested in your high-quality debt repayment. There are various “credit vacation” programs. Each bank has its own conditions, they need to be clarified.
You can take advantage of refinancing. But it is worthwhile to understand that this is how you solve current financial difficulties, and do not shorten the loan term. How to quickly repay loans? The scheme is developed personally by everyone. The main thing is to follow the goal of eliminating credit obligations from your life.
