You have taken a loan and want to quickly repay the installments and do not know where to start? The anticipation of the installments is your right, but there are other options as well and thinking about it, Fundico has selected tips to help you in this decision:
How to repay the loan?
Anticipation of installments is a right of the borrower. When opting for the operation, the interest rate of the installment is adjusted according to the payment date. This way, the customer gets a “discount” on the total effective cost (CET) of the credit. This “discount” is even greater when the anticipated installment is from last to first. Generally, to make the down payment, the customer must request a new payment slip from the financial institution.
Refinance remaining balance
One option for getting a better rate is refinancing the loan with the financial one. Trying to strike a deal where you can bargain for a better CET can also help you settle the commitment faster. Depending on the negotiation the client can make a new entry in the agreement, paying a larger amount than the new installments. This way, the next ones may be shorter, as well as the deadline for total debt settlement.
Foster monthly income
In addition to the anticipation and refinancing, the customer can promote their monthly income. So, with the extra money in the budget, he will have two options: save to set up a savings or use that amount to repay the loan. Now, you are wondering if the debt is worth repaying? Yes, it’s worth it! You do not have to settle the loan, you can only reduce part of what you have to pay.
Use the thirteenth
In June, some companies release half of the thirteenth, depending on the segment in which they operate. If you are one of those lucky ones who have already received the advance, you have probably made plans for the amount, right? But if your planning does not include repayment of the loan, it is good to rethink. Why have one more financial commitment if you can settle the current or part of it with the benefit? Remember: badly managed debts and lack of financial planning make your debts snowball. Avoid this so as not to be red and have the name negated.
Use IRPF refund to pay off
In addition to the Thirteenth, some banks allow the client to request the advance of the income tax refund. With a low interest rate, you can receive this amount as a loan and the payment will occur when the refund amount is deposited in the checking account.