3 Ways to Pay Off Your Loan Faster!
Paying off your loans faster will save you money and fees. With Capital & Centric Funding My Pay Stat products, we also ensure that there are no early exit fees! We want to share with you 3 tips to help you save on fees and pay off your loan faster. We are an Aussie Responsible Lender, who wants to help you adopt simple methods to pay off your loan early.
If you are paying fortnightly on a Macro Loan, switch to weekly repayments. Interest on a Macro Loan is being calculated on your balance every day. If you have a smaller balance then technically you’re saving on interest that is being compounded daily.
Make extra repayments! Every dollar counts when you are paying off a loan. If you make extra repayments, then the term of your loan is shortened. This could save you on monthly fees, for example: If you have taken out a loan for 3 months and paid it off in 2 months, then you have saved monthly fees on the third month! (This use case is valid if there are no outstanding fees eg. dishonour fees etc)
Increase your repayment amount. If your repayment amount is $50 per week and you can afford to increase your minimum repayments, then by paying extra you’ve reduced the term of your loan which could save you in monthly fees and interest!
With these 3 easy steps, you could pay off your loan faster than you expected and save on fees and interest! Send us an email at [email protected] from your registered email to talk about switching repayments types. If you would like to make additional repayments, you can do this through your login at www.mypaystat.com.au and if you’d like to increase your repayments then send us an email to [email protected] from your registered account.
The information on this website is for general information only.
It should not be taken as constituting professional advice from the website owner – the Capital & Centric Funding Pty Ltd (CCF).
CCF is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances.
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