Bad Credit Loans Blog

Great Tips and Advice for Managing Your Money

Save Cash By Paying off Your Personal Loan Early

An unexpected expense comes up.  You don’t have enough to cover it in you “rainy day bucket.”  So, may be you’ll get a Personal Loans paid over several biweekly or monthly installments.  Loan contract is signed and you are handed a check or cash.  All is good. 

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Reality sets in

Imagine you got a two year Personal Loan.  Then, as the installments become due, you may wonder “Two years is a long time and I’ll be paying all that interest.  How can I save some money here?”  I don’t blame you.  Two years is a long time to be paying on a debt.  Even if you have “good” credit, a $1000 installment loan over 24 months at a 10% interest rate, assuming that the lenders does not charge other fees like credit investigation fees or loan origination fees (which financial institutions may charge), may cost you about $107 at the end of the term, if all payments made on time.  Monthly payments would be about $46.  It won’t take that many months before those monthly payments start “getting old.” 

So, how do you save some pennies and shorten the term?

Because a lot of the Personal Loans are amortized, most of the interest is payed towards the beginning of the loan.  In these types of loans interest is paid on every pay period before any portion of the payment is applied to principal.  As interest is calculated based on outstanding principal, the lower the principal balance will lead to a lower interest being charged.  Therefore, if you make extra monthly payments, in addition to your regular payments, and you request save moneythat the extra payments be applied towards principal (thus causing the principal to get reduced faster), then you will end up paying less on interest.  Also, by paying extra towards the principal the term will be shorter.  Even if paying extra reduces the term by just a couple of months, that’s a couple of months where you will not need to make payments.

 

But, what if I don’t have much left over income to pay extra?

Every little bit helps.  Don’t be discouraged if all you pay is an extra $10.00 a month.  For a $1000 loans, for example, if you just pay an extra $10.00 a month towards principal, you will reduce the principal by $100 in just 10 months.  That’s $100 in principal that you won’t be paying interest on. 

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America's Loan Company - Notice

Customer Notice: Personal loans, title loans, and car loans have terms 6 months or longer. There are no early payoff penalties. We currently report to one of the 3 major credit bureaus, TransUnion. However, many factors affect your credit score. Therefore, we can't promise that your credit score will improve while having a loan with us.

Requirements: We are able to service Ohio residents only. Approval depends upon meeting legal, regulatory and underwriting requirements. America's Loan Company may, at its discretion, verify application information by using national databases, including but not limited to Teletrack and any of the national credit bureaus. America's Loan Company may take this information into consideration in the approval process. Due to state and verification requirements, not all applicants for loans may be eligible for approval by America's Loan Company. You may be required to submit additional documents due to state law and qualification criteria.

Products & Services: Products and services offered to customers may vary based on customer eligibility and applicable state and federal law. Actual loan amounts vary. The availability of loans and extensions may vary. Auto loans and secured personal loans are subject to minimum auto value requirements.

Further Personal Loan Disclosures: For qualified customers, America’s Loan Company offers bad credit personal loans with terms of 6 months to 5 years, with APR under 35.9%. As an example, you may borrow $1,500.00 over a 24 month period, with a $10.00 credit investigation fee, $100.00 loan origination fee, and $452.32 in interest, for a total payment of $2062.32, with an APR of 32.6514%, and monthly payments of $85.93.

More information can be found on the America's Loan Company Privacy Policy.

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Seeking bad credit installment loans? We offer affordable online personal loans. Ohio based direct lender. Start improving your credit today!

Toll-Free: 877-380-2639 - Ohio: SM.501641.000 CI.550000.000 - Company NMLS ID: 315276

 

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