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There are two kinds of interest in a loan and one of which is called simple interest. As the name implies, simple interest is a fast and easy process of calculating the interest in a loan. To get this, all you need to do is multiply the principal amount borrowed to the daily interest rate charged.

Short-term loans and car loans are the usual types of loan that take advantage of simple interest, although there are times when mortgage use this method.

Paying Off A Simple Interest Loan Quicker And Easier

When you borrow a bigger amount to purchase a property, it will take about 50 to 72 months for you to settle the debt, and this is equal to five years or more. You might not think about it yet but having a loan for a long time may be troublesome in the long run. Therefore, to avoid an inconvenience in the future or to help yourself save some extra cash, it’s best if you can settle the loan faster.

Pay Bi-Weekly

Before doing this, ask your lender if they will allow you to pay your debt every two weeks. If yes, take advantage of this technique so you can reduce your interest and your repayment term.

Make One Extra Payment Annually

If you can have extra cash, use it to make at least one huge repayment over the term of the loan or per year. This might mean adjusting your budget but it will benefit your finances in the long run by again, decreasing the interest and the number of your repayment term.

Don’t Skip Repaying The Loan

Some lenders may allow you to extend the loan or skip its repayment; however, do not do this unless extremely needed. When you skip a loan or ask for an extension, you’re not only adding months to your repayment term but also, you may be charged with additional fees and interest.

If you have taken out a simple interest loan and you want to pay it off as soon as possible, there are a number of things that you can do to achieve this. No one wants to be in debt, especially since the financial implications of missing payments or defaulting on the loan altogether are quite grave. Below are steps you can take to get out of the loan before its term expires.

How To Manage Your Loans Effectively

Refinance your loan

If you can find a lender that is willing to refinance your loan for a more affordable rate compared to the one you’re charged with right now, it may be worth the trouble. Do not extend the loan term though because this will only end up in you getting charged more on interest as a result.

Round up your payments

Instead of paying just the specific repayment amount, you have the choice to pay more. One way of doing this is rounding up your payments to say, the nearest hundred. For instance, if you’re required to pay £512 a month, you can round it off to £600 instead this can shave off a considerable amount off of your loan balance thus, allowing you to settle the debt at a much faster rate.

Make multiple payments

There might be those instances when you find yourself with extra cash. Instead of spending this for something insubstantial, use the money to make another loan payment instead. Found money can always be used to make an extra loan payment for the year so you can pay it off faster.

Spend less

Avoid spending on unnecessary things. You may not realize it yet, but you may have actually been spending a lot of money on non-essential expenses. Those spa sessions may have to stop for now. Skip dining out too. Set a budget and make sure to stick to it and anything extra, use it to pay your debt. You’ll be surprised at how much these steps can help you get out of the loan sooner than you expect.