Faster to pay a loan - the natural desire of each borrower. Long term loan and large interest rates are the greatest reason that people seek to give their debts. After all, even a small amount of debt oppresses and causes a desire to get rid of it faster.
1
Making a loan, the client concludes a contract with the bank, in which the conditions for paying the current loan are prescribed. The client undertakes monthly on time to pay a certain amount of money to the bank. To avoid debts that entail large penalties and fines, the borrower must pay the amount of the amount provided for by the Bank every month. If you pay contributions not in time, the bank will accrue large interest, then you cannot go to the rapid repayment of a loan.
2
Credit contributions consist of the amount of the principal and accrued interest on the loan. You can pay a monthly amount exceeding the contract specified in the contract. Then in the following months, interest will be accrued less, and the loan will be able to pay faster. In most loans, interest is first paid, and then the amount of the principal debt. The more the borrower makes a loan payment every month, the less interest and major debt are. Thus, you can also save on pay interest.
3
During the payment of a loan, many may arise unforeseen circumstances that do not allow payments every month. But in this case there is a way out, and the loan can be paid faster. You can make a loan under a smaller percentage in another bank, and in case the borrower is dismissed from work, he may ask to delay the loan. During this time, the borrower can find a new job and continue to pay a loan.
4
If you pay a loan of 1.5-2 times faster, you can significantly reduce the amount of overpayment.
If a borrower has a loan for a long time, for example, a mortgage for 15-20 years, it does not make sense to pay it faster. Over the years, real estate will rise in price by 100-200%. Trying to pay a loan faster, the borrower loses most of his life. It is better to go with the children on vacation, buy them good toys than all the time to spend at work, seeking to quickly pay with debts.
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