1. Pay more

If you can afford it, put in larger payments each month to pay off the principal more quickly. For example, $2500 fast loan with 6.8 % interest with a 10-year payback period would cost $28.8 a month. Making $70 payment on a monthly basis instead of $28.8 enables you to repay the fast loan in just over 36 months. By paying the principal more quickly, you will also pay for less on interest.

3. Create a plan to pare your fast loans

Know exactly when your fast loans will end. Next, create a goal to pay it off within a specific period of time, commit to it and pay it according to the repayment plan. Make it a routine to pay it off monthly. If you’re facing difficulty in coming up with the monthly payments, create a budget and cut back on your expenses. This way, you can lift your debt obligations off your shoulder faster than ever.

4. Automate savings

Automatically transferring money into alternative accounts is a great way of saving that extra cash. Rather than spending money on trivial things such as movie tickets, or that unhealthy meal; automatic payments can help you set aside that extra cash to pay off your debt. Make sure that you will only use that account for paying back your fast loans and other types of debt. This will require sacrifice in certain areas, but it will ensure that you are one step closer towards financial freedom.

With the growing wave of cryptocurrencies such as Bitcoin and Litecoin; some experts have suggested investing your extra savings into crypto. This is an extremely volatile and unpredictable form of investment that we do not recommend. Many experts compare cryptocurrency as a form of gambling. Whilst, it may seem as though there are immediate increases in profits; you may lose all your hard-earned savings in a second.

Hide your credit card in a safe place

Don’t be a victim of credit card theft. With easy access to your credit cards via pay pass; strangers who have access to a lost credit card can easily tap on purchases less than $100. Keep your credit card securely in your wallet. If you lend your card to friends or family, make sure you keep track of any transactions online.

Keep your phone in your pocket.

The same rule applies to your mobile phone. With the rise of Apple Pay, you can purchase your transactions through your mobile phone. Make sure that you keep your phone locked with a passcode so that strangers cannot make any payments without facial recognition or a passcode.

6. Consolidate your debts

One of the best ways of ensuring that you continue to pay off your loan quickly is to consolidate your debts into one neat and tidy bundle. This will also protect you against the rising interest rates across different loans. This will benefit you in the long run; whilst making it easier to manage your debts.

7. Be proactive by increasing your income

Earning cash while dealing with your debts is a good way to stay proactive about overcoming debts. You don’t only generate wealth to pay for your loans; you also build your nest egg. If you can put away $100 every month out of your income, that would be $1,200 annual savings.

At the Australian Lending Centre, we can help you avail of our easy-to-pay fast loans and our debt management plans. We can help you strengthen your ability to repay your loans and live a financially secure life. It takes discipline and planning, but you can surely do it.

When finances are tight, sometimes the best way to get out of a pinch is to find quick loans online. The Internet is very convenient. You don’t have to stand in long, uncomfortable lines to apply, and everything is just a click of the mouse away. All you’ll have to make sure now is that you choose a loan that is convenient for your own budget.

Online loans can be quite expensive if you don’t know where to look. Since most of them are given on short notice, the interest rates can be fairly high. You need to do some pretty intensive research to find a company that won’t bury you even deeper into the cycle of debt.

Finding Quick Loans

As we mentioned, research is key. There are many online lenders willing to work their payment options around your budget. If you need some quick loans or just some advice, all you’ll have to do is contact them and ask the questions that are eating at you.

Keep in mind, that online (or payday) loans are usually the most expensive way to get your hands on some credit. Unless you can find a company that offers lower interest rates, you’ll be better off asking for an advance from your boss, or go the classic way: go to the credit union or the bank.

Pay attention to the cost of obtaining a quick loan. Along with the interest repayments, you will have to pay the initial charges to take out the cash, but also other fees that might be levied on you. You may want to use online loan calculators as they will tell you exactly how much you have to pay by the end of the month.

Before taking out quick loans, you should make sure that you can handle the payments. These loans are usually short term and taken out on an exact time span – a week, a month – whatever you decide. If you can’t manage to gather the cash by payday, you will incur additional charges for every day that has passed.

Furthermore, if you find yourself nearing payday, you may want to resist the temptation of getting another loan to pay it off. If anything, this may only bring you more trouble than it can manage to fix.

Considering the Alternatives

Before opting to find quick loans online, remember that these should only be your last resort. There are many alternatives out there – ones that won’t rip you of every cent in interest. Here are your options.

Borrow from friends or family

If you have some unexpected bills to pay and you are not sure that the bank will provide, the first thing you should do is ask your friends or family if they could lend you some cash. Sure, it may be awkward to take money from people that you know, but if the sum is not that big, you may be better off this way. Plus, you won’t have to pay them any interest. The most you’ll have to do is pay for their drinks the next time you all go out.

You may, however, want to make a written agreement for the payments. It will give them some peace of mind, and at the same time, it will give you a nudge to pay their money back on time, without going through the embarrassment of being late.

Go for a credit union

Online quick loans may seem like the fastest way to get your hands on some cash, but they may also bring a whole load of problems in the long run. It is very unlikely for banks to lend you money in small amounts, which is why a credit union may be a more convenient option. Plus, credit unions also have better interest rates than a payday lender.

Before going for a payday loan, go online and look for a local credit union. Contact them and ask for the costs, after which you may start weighing your options. Talk to your creditor

People usually go for quick loans when they are close to a deadline and have no money to cover that payment. However, before going for payday loans, you may want to talk to your creditor and see if you can reach an understanding. Ask them if you can get an extension for paying your bill.

It can be easy to find quick loans online. All you’ll have to do is go online and start looking for the companies that offer the lowest interest rates.

At the Australian Lending Centre, we offer personal loans that are quick and easy to obtain, that could be the right fit for you. Call us on 1300 138 188 for a free assessment or fill out our enquiry form now.

Debt Consolidation

Personal Loans

Bad Credit Loans

Debt Management

Home Loans

Business Loans

More Solutions

Main Services

Key Information

Tools & Resources

Useful Articles

Get In Touch

Here are some tips for paying back your loan faster