How to quickly repay a loan?
The loan allowed you to purchase the necessary thing and pay for immediate personal needs, but now it hangs heavy? It is especially psychologically difficult for those who are prevented from feeling debt free from a bank debt. A loan can negatively affect your emotional state, lead to prolonged stress, or even depression.
If you want to get out of debt and get loans back as soon as possible, carefully plan your budget, learn how to save money, and direct all available funds only to pay off the loan. It is easy enough to refuse extra daily expenses if you imagine how much more profitable it is to put money into repayment of current debt obligations, and to buy trinkets for your own money, which will be available after the loan is repaid.
To learn how to give up extra expenses, imagine that you borrowed 100-200 rubles or several thousand from a bank, for example, to buy a sofa, and you have to pay the same percentage for their use as for the existing loan.This calculation will disaccustom from buying unnecessary trifles, which cost so high (often 2-3 times higher than the price) overpayment.
How to speed up loan repayment?
To repay the loan earlier than specified in the contract period, listen to the following tips.
- Making payments before the date specified in the repayment schedule - the less borrowed funds are used, the less interest is charged. As a result, the total overpayment will be less, which will get rid of the last payment and settle up with the loan earlier;
- Making payments larger than the schedule - the larger the amount you make, the greater the bulk of the principal debt is extinguished, which will save you from paying the extra interest accrued on the principal.
Even the extra 10 thousand rubles paid in excess of the obligatory payment will help save about 1-2 thousand rubles per year, and for 5-10 years an amount similar to an additional payment. So it turns out and in the kitchen to collect. Making a payment before just for 1 day will bring savings of 0.05-0.1% of the loan amount.
How to quickly repay several loans?
In a situation where several loans on hand, and you need to quickly pay off the debt, you can use one of the following methods:
- First of all, to repay the smallest loan - the option is suitable for those who want to bring the result of their actions closer, for example, instead of three loans after the repayment of the smallest loan balance, only two will remain, then one;
- To repay a loan with the largest monthly payments - such an approach will remove a significant burden from the budget, but you will not notice the result immediately, as usually large monthly payments on the loan that is issued for a long term;
- Redeem the most expensive loan, the rate at which the highest. The optimal solution is to first of all pay off a loan that costs more than others, and it is less profitable to use it for a long time.
You can resort to another method of speeding up settlements with several lenders - debt refinancing or consolidation.Instead of 2-3 loans in different banks, issue one in a bank offering the most favorable conditions and a low interest rate. This will reduce the monthly payment. You can make such a loan even on the bank's website, without leaving the house.
How can a bank prevent a quick loan repayment?
It is not profitable for the creditor bank that borrowers repay debts ahead of schedule and pay less interest for their use.In order to prevent early repayment of a loan, banks can take the following measures:
- Using a moratorium on early repayment - to prohibit the full repayment of the loan for the first few months of its use or to prohibit early repayment altogether, but this is prohibited by the current Russian legislation.
- Penalties in the form of commissions and fees for early partial or full repayment of obligations are also a prohibited reception, which is easy to challenge in court.
- Limit the amount of the minimum payment to be made to repay the debt by setting it at, for example, several tens of thousands of rubles, which makes it more difficult for a borrower who wants to slightly increase the monthly payment to save on interest.
- Write off money to pay off a loan from a loan account only in the amount and only on the date specified in the repayment schedule. No matter how the client tries to make a payment early, the bank will accept it no earlier than a certain date.
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