6 Ways to Pay Off Loans faster

  1. Make bi-weekly payments to your lender, submitting half the monthly payment every two weeks. Such a strategy will pay off your loan early because it’ll result in an extra payment per year, and reduce the interest you pay in the long run.
  2. Round up your payments, “an effortless way to pay extra without even missing the funds.”, And, Smith writes, “you don’t need a lot of extra funds”, to have an impact.
  3. Put any extra money you earn (or find) toward paying down your loan amount.
  4. Make one extra payment per year, using the money from a tax refund or work bonus.
  5. Refinance your loan, which Smith calls “one of the easiest ways to lower your payment, save interest and pay off your loan in half the time”, at current interest levels.
  6. Go paperless, which could bring additional discounts, when you sign up for automatic withdrawal on your auto payments and for paperless statements.

Huffington Post Money


Found this while digging around on a financial search. Definitely some tips to consider when paying loans.