A simple loan repayment trick…


If you already have a loan, there’s a “secret” trick to repaying it faster. Banks wouldn’t normally tell you, because they’d rather you keep your loan longer and pay them more interest! Here’s what to do: Divide your monthly payment in half, then pay that amount fortnightly. Over the course of the year, you’ll end up making an entire extra payment. Might not sound like much, but with long-term loans, it can mean you finishing much earlier. Simple, no?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s