Applying for a loan online is one way to get paid quickly when you’re in a rush. Especially since the application process is now easier. Despite the many conveniences in the application process But most people still struggle when they pay their bills on time before the due date. You will be fined from the total loan amount.
Confused about how to pay off your online loan on time? Try these tips for paying off your loans so you don’t get fined!
1. Adopt a more efficient lifestyle
If you can’t pay off your borrowed debt on time There might be something wrong with your lifestyle. This could be said to be too extravagant in terms of spending something other than basic needs. It is possible that the type of expenditure will be in the form of: budget entertainment, shopping that are not really necessary, etc.
In fact, lifestyle capital allocations can be kept to a minimum when you are in debt. So the quickest way to get out of debt is to live a more frugal lifestyle. hang out Go out 3-4 times a week to save money. This should be done once a month or at least every 2 weeks (prioritize your loan payments first).
Living more frugally can increase savings to pay off your loan later. Failure to pay off a loan is one of online credit risk which must be considered
2. Earn extra income
A legitimate and illegal way to pay off a loan that can be done so it’s not too late is to look. extra income. Maybe all the time you have unexpectedly reduced income. It could be because you were fired or moved to another job, so the solution is to try to find extra work. freelance, Just like any online business to earn extra income.
Earning extra income when you are busy with work may sound a little difficult. So you have to find the flexible side. You can try some tasks. freelance on a trusted or possibly active website. part time outside the main business hours If you don’t have business capital, try affiliates From a marketplace or dropship business, there is nothing wrong with doing it.
3. Use automatic debit system
The automatic debit system is very useful for people who often forget to schedule their loan installments. This feature is already available in the online loan application. Payments made by auto-debit will automatically debit your account at the specified time. So you don’t have to think for a long time whether you have already paid or not.
When the automatic debit system is enabled Payments are usually made in advance. This way, you will be able to recalibrate your daily requirements after the balance has been deducted from your account. We recommend that every month before maturity, additional funds should be allocated to repay the loan.
4. Prioritize Extra Savings for Pinjol Bill Payments
How to pay off legal and illegal loan debt on time The most important thing is to prioritize debt settlement before allocating funds for basic needs. Of course, paying off debt is an obligation. If necessary, try a special savings account to pay your loan bills in a separate account to make it easier.
By creating a separate account, you can easily pay off your loan online without any delay. As long as the funds are available before the billing period. The way to do this is to calculate the number of periods each month, along with interest. Then record how much percentage of the total salary must be allocated to a special savings account to pay off the loan.
5. If possible, increase the installment amount.
Some people choose an age that is long enough to pay off their loan costs, usually from 12 months to 48 months. Choosing a longer age or repayment period will result in smaller annuities. But of course, this is one of the things that makes people forget to pay on time.
If conditions allow Try increasing your repayments slightly. The downside is that it’s harder to pay off, but excess debt will pay off faster. It can also encourage you to pay off your loan on time. Because the duration is relatively short with a large amount specified. Especially if it does not exceed 30% of your salary.
However, if you feel like increasing your online loan installments slightly due to certain conditions, should not be forced Make sure that the monthly loan installments do not exceed 30% of the total salary each month. Then prioritize payment at the beginning before purchasing life essentials.
6. Sell property or valuables
Loan age soon? The easiest way to pay off debt in two days or even a week is to sell assets or items that you feel are valuable. Examples include gold, stocks, automobiles, land, buildings, and so on.
It’s not ideal, but you’ll still have to find it. The solution for not being able to pay off your loan online.
Selling valuables is a shortcut if you don’t have money and are really in debt. Motor vehicles or real estate may take slightly longer to sell. But you can try selling through intermediaries to make it faster. Plus, there’s nothing wrong with withdrawing deposits at the bank so that you can pay off your loans online on time and not double your payments because you’re late.
7. Asking for help from family members or close ones
Confused because the property doesn’t sell well or because it doesn’t really have any valuables? Another shortcut, as a last resort, is to ask a family member or someone close to you for help. Perhaps such an illegal or legal way to pay off a loan online includes risking self-esteem. But doing so is not wrong.
No one knows what the state of a person’s economy is like sometimes. Especially if he has a large number of dependents. Try to communicate this with family members or other close people about your current condition. after they have lent money to pay off the loan You have to make sure you can trust their debts in the future. Because all debt payments are obligations.
8. Apply for a small installment
Asking for a larger annuity is beneficial for some people because it is shorter and incentivizes them to pay on time to avoid increased penalties. However, everyone’s economic conditions are different. If you don’t have much income, you should apply for a low installment plan.
Less installments are not a burden. but definitely outlived not only that Before deciding to apply for a loan online Choose one that has a fixed interest rate but is not burdensome. which is very useful in helping to pay installments on time without being a burden
If you are looking for an online loan that is legal and regulated by OJK, learn how to activate Shopee Loan. Fast disbursement even when interest rates tend to be low with interest rates. flat or monthly
9. Use Your Existing Savings
The best way to pay off your online loan on time is to try to use your savings to pay off so you don’t get penalized. Perhaps before that the savings would be used to buy something. But try to prioritize paying off the loan first.
Savings if in an emergency One of them is paying off loans online on time. But the availability of funds is urgent. This may be done until the entire loan is paid off and the savings begin again.
10. Set up sequential online loan payment reminders.
The hurdle for some people borrowing bills is forgetting to pay them on time, so the most important way to pay off your loans online on time is to try setting a payment reminder. Set the due date on your phone’s calendar so it’s not easy to forget.
Start managing your time well. and arrange the reminders (alarms) of the loan repayment calendar accordingly. starting with the nearest age or the larger loan to the latest maturity or less This sort of prioritization makes it easy to prioritize the things that matter most.
Paying off loans online on time is an obligation. especially if they haven’t been repaid by the due date. They will be fined from all loans. Make sure before borrowing you can pay your bills before they are due.