Despite being richer than ever, many Canadians find themselves in debt. Most of this is due to rising housing costs. To combat the price of living, many citizens are seeking out a Tekaloan loan.
The application process is fast and easy, and your funds will be in your bank account within a day of your approval. Paying back installment loans with Tekaloan is also painless.
If you want, you can speed up your payments to wipe your debt clean faster. That’s only one method that you can use to pay off your loans in a hurry. Check out this guide for key financial advice.
Biweekly Payments
Instead of paying your loan balance once a month at tekaloan.com, submit two half payments biweekly. This will result in you making 26 small payments over the course of a year.
In the end, you’ll make an extra full payment, which depending on your repayment terms, could cut down the life of your loan by several months. You’ll also pay less in interest.
Make a Single Extra Payment Every Year
If you’re not in a financial place where you can handle biweekly payments, consider making a single extra one every year.
It will allow you to accomplish the same goal of reducing the life of your loan by several months, and you’ll only have to do it once.
Watch Your Spending
If you find it difficult to pay back your loans every month, it’s time to rethink your money management. Small lifestyle changes can go a long way.
For example, did you know that the average Canadian’s housing payment increased by over $60 within the past year? Handling the extra expense on top of paying off loans can feel overwhelming. Finding a roommate can help take the pressure off.
Make a list of your paid subscriptions, and cancel the ones that you seldom use. Consider shopping at discount stores, and paying for things in cash. Doing so will make you more conscious of your spending.
Round Your Payments Up
Let’s say that you owe $100 on your online loans every month. Rounding it up to $150 can be an effortless way to pay your balance off faster.
The extra $50 will take a small enough chunk out of your monthly expenses to where you won’t notice it much while putting a substantial dent in your debt over time.
Pick up a Side Gig
If you have some extra time on your hands and not enough money in your pocket, consider picking up a side gig.
If you have the talent for it, consider freelance writing. You can make quite a bit of money on websites such as Fiverr and Upwork.
Canadians with vehicles can spend a few hours after work every day delivering food orders through DoorDash or SkipTheDishes. If you’re crafty, you can sell your creations on Etsy.
Companies will pay you actual money for shopping, testing products, and taking surveys.
Consolidate Your Loans
Those with a lot of little loans can combine them into one by consolidating. Having one big payment is a lot easier to keep track of. You may even be able to get a lower interest rate, which will allow you to pay back your debt faster.
Consolidating could also stick you with a higher interest rate. You may also have to pay annual and origination fees, and consolidating won’t solve your issues on its own.
If you use your newfound financial freedom to take on more debt, you’ll be right back where you started.
Refinance Your Loans
Has your credit score improved since you took out your first fast loans? It might be wise for you to refinance.
Doing so could allow you to alter your payment term length. This will make your monthly bill higher, but it will reduce your interest rate.
Got Extra Money?
Have you lucked out and managed to get a little extra money in your pocket? You may be tempted to put your newfound wealth toward wants, but if you’ve fallen behind in your installment loans, catching up might be a better use for it.
It’s not the most glamorous use of the money, but you’ll save on interest costs. You can reward yourself later with that item you wanted when you get your loan paid off.
Reach Out for Help
If you’ve run out of options, it might be time for you to reach out for help. Talk to Tekaloan about renegotiating your payment terms.
You could also call your family and friends to discuss borrowing money. If you go this route, make sure you choose the right person. They need to be someone that you have a good relationship with and have the means to help you.
You should also create a plan to pay them back by writing up a contract. It will be uncomfortable, but getting the terms of the “personal loan” in writing could save your relationship with your loved one.
Pay Off Your Tekaloan Fast
Applying for a Tekaloan installment loan is a great way to get caught up on your monthly expenses and have a bit of extra money in your pocket for emergencies.
The application process is fast, and there are several ways that you can repay your loan. Consider taking up a side gig, consolidating, paying a bit extra on the loan every month, or if all else fails, reaching out for help.
Are you ready to get started on the path toward financial stability? Contact us to find out more about our no-credit-check installment loans.