The desire to pay off the loan debt is quite natural. After all, it is not pleasant to give away your savings every time. Especially when, because of interest, you have to pay a much larger amount.
Instructions
Step 1
A loan is a lease of funds for a specified period at a certain percentage. This act is confirmed by an agreement, according to which the borrower is obliged to give a part of the amount on a monthly basis to pay off his debt.
Step 2
Pay the full amount on time. For each day of delay, you will be charged additional interest, which will allow the bank to make good money on such a situation. For you, if you often abuse delays, it will be additional financial losses that interfere with the timely repayment of the loan.
Step 3
To pay off the loan faster, try to exceed the required amount each time. The monthly payment consists mostly of interest on the loan and to a lesser extent - of the principal. And the first payments go mainly to reduce interest on the loan and only slightly to repay the amount taken.
Step 4
The more money you deposit each month, the less the principal and interest on it becomes. Therefore, if you pay a little more each time, the amount of the next payment will be slightly less than the previous one, therefore, you will be able to pay off your debt faster and give much less money.
Step 5
If, for example, you borrowed 100 thousand rubles for 2 years at 20 percent per annum, then within the specified period you will have to pay already 140 thousand. But if you can repay it within a year, the loan amount will be only 120 thousand rubles, which will save you as much as 20 thousand.
Step 6
Invest in a loan all the free money that appears until you completely cover your debt. Remember that by giving them up for overpayment, you will not only get rid of oppressive debt faster, but you will also be able to significantly save your finances. If possible, find additional income for the duration of the loan payments.
