When you pay off your loan faster (if the loan terms allow early-payoff without penalty, as MoneyLion does), you’ll end up paying less interest over the life of the loan, and you’ll be freed from your payments sooner. All good things. 👍🏼
Here are five ways to crush your loan payments (get even more tips in the MoneyLion app:
- Use your tax refund. As tempting as it is to use your refund to buy something new, you’ll never regret using a portion of your tax refund to get out from under your loan debt. Tax season is upon us; here’s your opportunity to get ahead!
- Use gift money. Is a gift-giving occasion coming up? Ask friends and family for a loan payment instead of a traditional gift. Who knows - They might be so proud of your responsible request that they pay the whole thing off for you.🤞🏼
- Barter your time. Offer to trade your labor for loan payments. For example, help a friend with childcare or clean your parents’ house a few times in exchange for help with your loan. Get the MoneyLion app for free personalized financial advice every day.
- Round up your payments. Rounding up is an effortless and painless way to get ahead. Say your loan payment is $26. Talk to your lender about bumping it to $30. You won’t miss the $4, and you’ll be done with your loan sooner and pay less in total interest.
- Make extra payments. Sell a few things on eBay and use the cash to pay down your loan. Even small amounts like $25 here and $10 there add up. Any contribution that chips away at your outstanding balance is worth it.
Bonus tip: Borrow at 5.99% APR to pay off high-interest debt
MoneyLion Plus is a monthly membership that gives you a guided investment account and anytime access to 5.99% APR loans (no need to reapply, good credit not required). Using your Plus loan to pay down high-interest debt could help you save big on interest. Learn more in the MoneyLion app==.