person learning about paying off a loan early

Essential Advice About Paying Off A Loan Early

Written By June Mckaig

Published on September 30, 2022

Updated on February 26, 2024

If you get a loan from us at Southwest Title Loans, you might be wondering how you should go about paying off your loan early. Anyone with a loan would want to pay it off early, but may not know how to do that. The good news is there are plenty of loan payoff tips and early loan repayment strategies that can help you out. There are plenty of benefits of paying off loans quickly, so it is important to remember these tips. Keep reading to learn how you can repay the loan early and why you should do it.

Loan Repayment Tip To Help You Pay Off Your Loan Early

1. Make Bi-Weekly Payments

When it comes to early loan repayment strategies, the first one is to make your loan payments bi-weekly. You might be making your payments monthly, but if you increase it to bi-weekly, you can really start seeing your title loan or your registration loan to go away quickly. It might be a bit difficult at first, but it will be worth it once you see that you don’t have to deal with a loan in the long-term. The life of your loan will be significantly shorter with this method of paying.

2. Put Any Extra Income Toward Your Loan

The next thing you should add to your loan payoff tips is putting any extra income toward your loan. So whether you start a side gig or have a full-time job, make sure any extra money you have goes into your loan. And when we say extra money, we mean the money left over after you’ve handled your most necessary expenses first. This might mean lowering the amount of money you put into your savings, but you can go back to your normal amount once the loan is taken care of.

person getting loan repayment advice from representative

3. Round Up Your Loan Payments

Finally, the last thing you can do to repay your loan faster is to round up your payments. This means if your title loan or your registration loan from Southwest Title Loans is $450, you would round that payment amount to $500. This might not seem like a lot, but over time you will see that your loan payment amount is decreasing faster than if you would just pay the $450. Again, this might mean you have to readjust your budget to accommodate this change, but it will be worth it in the end.

Benefits Of Repaying Your Loan Off Early

Now that you know how to repay your loan quickly, you might be wondering why you should do this. Well, there are actually plenty of benefits of paying off loans quickly. While it takes some work and some real adjustment to your budget, just remember these benefits to motivate you to keep going. It will be worth it in the long run. Here are the benefits of paying off your loan early with us:

You Will Get Rid Of Your Loan Quickly

One reason you’ll want to pay off your loan early is to get rid of it as quickly as you can. No one wants to be stuck with a loan repayment on top of all their other normal expenses. And it isn’t like you can stop your other expenses until you’ve gotten rid of your loan. So this means you want to repay your loan early by any means so that you don’t have to worry about it in the long run.

You Can Get Back To Your Regular Expenses

Another reason you’ll want to repay your loan early is so that you can get back to your regular expenses soon. As we said above, you can’t put off your regular expenses just to focus on your loan. However, you might have to decrease how much you put into your regular expenses to pay off your loan. This means that as soon as your loan is gone, you can go back to putting your full focus on your other expenses!

You Don’t Have To Stress Out Over Finances

Having a loan can cause you stress because you know you have to repay it on time. That is the opposite we want because our loans are designed to help your finances, not to stress you out. So, to keep from stressing out over the loan repayment or any added fees you might have, paying off your loan early will help you tremendously! You don’t have to worry about paying on time if you’ve already made your loan repayments!

couple talking about loan repayment terms with representative

Get Started On Your Loan Repayment

As you can see, paying off your loan is easy when you have early loan repayment strategies to help you out. Just by using these loan payoff tips and putting in some extra effort, you will quickly start to see your loan decrease in no time! And with the benefits of paying off loans quickly, you’ll have the motivation you need to keep going. So, get your loan paid off right now! And if you want to learn more about our title loans or registration loans, go to the Southwest Title Loans page and fill out the online form now.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.