The shorter the term, the better!
All loans come with interest, and most of them have other fees and charges tacked on, as well. No matter what kind of loan you have, every single day costs you money. The clock starts running when you borrow the money, and doesn’t stop until every penny is repaid.
Since a short term loan tends to have higher interest rates than a long term loan, it is even more important to act quickly and get it paid back ASAP.
Before Taking Out a Short Term LoanBefore you borrow, make sure that your lender doesn’t have any “mandatory minimums” or prepayment penalties.
Some lenders would prefer you stay in debt to them as long as possible. Remember that ticking clock? The lenders want the clock to keep on ticking, so they work fine print into the contract that locks you in for a certain period of time. They may have rules that charge you a fee for paying off your loan early.
If you want to save yourself money, make sure to not do business with these kind of lenders. You don’t need to look far to find another lender with better terms.
Once you have found the right short term loan, one that works in YOUR favor, then you move onto the next step.
Pay it Off FAST!!!Interest is the cost of doing business. It is in essence the “rent” you are paying on that borrowed money. Every month you have that money you have to pay rent… but you still ultimately have to return that money.
Doesn’t it make sense to pay it off as soon as you can?
National Small Loan has no mandatory minimums for the length of your loan. Nor do we charge prepayment penalties. We actively encourage you to repay that loan quickly and save yourself money. If you can’t manage that, no problem we will work with you no matter how much time you need!