Paying Back Your Short Term Loan Quickly

The last thing you need is to have an outstanding loan hanging over your head. If you recently took out a short term loan and are having trouble paying it back on time, there are a few things you can do.

It will depend on your situation, but most of us can find money if we try hard enough. The important thing is getting yourself out of debt. The longer it takes, the more interest you have to pay.

5 Tips for Paying Back Your Short Term Loan Faster

There is something very satisfying about getting your finances in order and paying your loan back faster.

Budget

Setting up a budget and sticking to it will help you save money. Cut back on the things you don’t really need. Maybe not choose the most expensive cable package, mobile phone, car or brand name anything for that matter.

You can find other ways of entertaining yourself, and you don’t need all that extra stuff. Take your lunch to work, cut out trips to the salon or sporting events and concerts.

See if you can get a better package for multiple phones on a family discount, or limit phone use for the younger ones in the home. Check out a deal for your cable, phone, and internet from a competing company for a better discount.

Get a Second Job

If you get by on the job you already have, then the extra money could go straight to your personal loan payments. Depending on how much it is, you could pay it off a lot sooner than you thought.

You can find work easily online now, so you could do it while you are home anyhow. Maybe you can pick up a few extra shifts at the place you work now or get a few extra hours someplace nearby.

Sell Stuff

Why not take some time and get rid of things you aren’t using or don’t need any longer. Have a yard sale or post items online to unload them for extra cash. You might be surprised at how much money you can get out of old clothes, toys, or books.

If you have items that are worth something, you can sell them to a pawn shop for usually a very fair price. Jewelry, coins, musical instruments, tools, car parts, guns, toys, furniture, and so much more.

Increase Payments

Once you find a bit of extra money from the steps above, increase the payments in order to pay it off faster. If it is a larger loan, try adding whatever you can to the payments.

Even a little bit of extra money on the debt every other month will make a significant difference. Once you get used to doing it, you won’t miss it. Then, when the debt is cleared, you will have extra money again.

Consolidate Loans

If you have multiple loans you are trying to pay off like, student loans, credit cards, or a mortgage, then you might consider putting them all together on a consolidation loan and only make one payment a month.

It can be overwhelming to see all those bills arriving every month. Have everything combined in the same payment and it will seem much more manageable.

Lending Bear

Talk to an associate at a personal loan company. They have several different types of loans like, payday loans, installment loans, title loans and pawn loans if you don’t want to sell your items.

Apply online here or contact them for more information. You may qualify for a special loan that you can use to pay down your personal loan and get back on track, faster.