When Someone Pays Back a Loan Quickly

What do you call it when someone pays back a loan quickly? This is a question a lot of consumers wonder about when they are deciding whether or not they should take out a loan. They want to know the answer to this question because they want to make the best financial decision possible so they can have a bright future for themselves and their family. You may have come across this page because you have already taken out a loan, title or otherwise, and are wanting to know how best to go about paying it down. On the other hand, you may have come across this page because you are considering taking out a loan and want to learn more about the repayment process.

When someone pays back a loan quickly

Here, at TFC Title Loans, we believe that we have a responsibility to all of our customers, to help them through the title loan process every step of the way by giving you strategies, helpful tools, and alternative equity loan options for paying down your loan. We have been assisting the people of California, New Mexico,  Arizona and in multiple other states where title loans are permitted, we will get a title loan with their car title loans since 1994. With such extensive experience in the lending industry, we have been able to gain knowledge on how our customers pay off their loans quickly. Having worked with thousands of customers over the years, we are more equipped than ever to assist you in strategizing your loan repayment.

Over the last 25 years, we have drawn countless customers to get a title loan through us and seen them successfully through to completion of the loan repayment. Our top priorities are consumer education and lender transparency which is why we have supplied numerous resource pages on our website to assist you in any way you might need. If you haven’t gotten a title loan with us yet and feel ready to do so, then please fill out our online application or give us a call today!

Here is some other information on loans.

Why should you pay off a loan early?

With TFC Title Loans, there are no prepayment penalties. This means you can pay off your loan as quickly as you would like. We encourage you to do so because it will cost you less interest in the end. There are countless reasons why paying off your loan early is a good idea; however, here are some of our top reasons:

• You save money when you pay a loan off early. When you don’t take the entire allotted time to repay the loan then you don’t have to pay the entire allotted APR.
• You are financially stronger when your debt is paid down and you become more reliable as a borrower because you have a credit history and you took care of the balance. This will make your credit score improve immensely.
• Paying off the loan quickly will give you peace of mind. Many people don’t like the feeling of being in debt. It feels like a weight on their shoulders. If you pay off the loan quickly then you will feel lighter and freer.

How to pay off a loan early?

There are so many ways to pay your loan off early when you employ discipline and determination. Use some of the following tips to avoid any unnecessary interest:

• Make a large payment every year or biannually that is well above the regular amount. This can help your balance decrease greatly in just one payment.
• Round up your scheduled repayment amounts to the nearest $10 or $20 or $100 to reach an even number. You will see the balance go down significantly faster, saving you on interest.
• Pay more often, if you can, than the monthly schedule requires. You can pay every two weeks then you won’t be tempted to spend the money before the scheduled payment date.
• Don’t miss any scheduled payments because that will increase your balance while causing more interest to accrue from the late payment fine.

So, what do you call it when someone pays back a loan quickly? Well, we call it a wise borrowing habit. Pay off your loans early whenever you are able because it will make your finances much easier to handle overall. If you have any more questions about paying off a title loan, then please give us a call. We always have customer representatives waiting by the phone who would be happy to help you out in any way they can. If you already have a title loan with another lender but feel unhappy with that lender, then we can refinance your loan for you. Contact TFC today!