If you have taken a loan and are paying EMI, then clearing it as early as possible should be your main goal. You can clear the loan amount as early as possible by opting for overpayments, if possible. By doing so, you can save a great deal of money, which will be otherwise paid as interest for your monthly instalments.
LoanPig is actually one of the loan offering companies in Manchester. You can apply for a loan from them and can make use of overpayment option, while paying their loan back. The experts working there will help you with clearing the loan amount earlier with the help of their overpayments calculator for loans. They will calculate the amount that should be paid as interest and you can clear it before the due time of the loan.
Benefits of Overpayments
There are many benefits for you, if you choose to clear the loan amount before the due date. Overpayment will surely help you with saving a great percentage of the amount, which will be otherwise paid as the interest amount for the amount received.
For instance, if you have taken a loan of £100 for a 30-day period, then you will be paying an overall amount of £124 for £100, as £24 will be added as the interest amount for the loan. Making an overpayment or even clearing the loan of £100 15 days before the due date will help you save £12 in the process.
Best Ways of Overpayments
There are many ways that can help you make an overpayment of any loan amount before the due time and are listed below.
- Make the Overpayments as per the Benefits Available
Some loan offering companies have come up with special benefits for their VIP customers, who are doing business with them from past few years. If you have applied for a loan from your old company and are receiving such benefits, then feel free to use them. The special benefits can serve you as the overpayment options.
- Choose Online Banking
Online banking will be of great help for you, if you are planning for an overpayment of your loan. You can contact your loan offering company and avail their bank account to make your payment in a hassle-free way.
- Usage of the Overseas Account
You can easily pay the loan amount or can make an overpayment even from an overseas account. Contact your money lender and ask for the details regarding the matter and enjoy a hassle-free loan payment option.
Normally, people prefer direct deduction of the loan amount from their salary accounts. People believe that direct deduction of the loan amount from the salary account will make sure that they do not forget to make an EMI of the amount received. If you have an extra amount in your account, then you can inform them regarding an overpayment and clear the loan amount as early as possible.
In time payment will save you from problems that might arise in future, as the money lenders will hand over your case to the debt collectors. You might have to deal with such money collectors, if your case is passed to them, and might because you some problems in the future loan applications. Hence, pay the amount in time and enjoy the special benefits