3 ways that could help pay off your loan faster.

If you have a personal loan, the faster you pay it down, the less you could pay in interest and the sooner you could pay it off. And you don’t need a complete budget overhaul to do it. A few smart tweaks could help you be debt free faster, so you can do your next thing sooner.

Here’s 4 achievable ways to do it.

1. Make extra repayments when you can

Some personal loans let you make extra repayments on top of your regular ones. How much, how often and if there are any fees depends on your loan and lender.

For instance, with a fixed rate ING Personal Loan there are no fees if you repay your loan early. So, by putting extra money towards your balance – like a tax return, bonus or pay rise – you can save on interest and pay off your loan sooner without any penalties.

2. Bump up your repayment amount

If your budget has a bit of breathing room, even a small increase in your repayment amount can make a big difference over the life of the loan. That’s because every extra dollar you pay goes straight towards reducing your balance and the interest charged on it.

The flexibility around doing this depends on the loan and lenders, so always check the product terms first.

3. Repay more often

The frequency of your repayments can also make a difference. For example, by switching from monthly to fortnightly repayments, you’ll end up making the equivalent of an extra month’s repayment over the course of a year – without really noticing it.

Here’s why.

The takeout

Paying off your loan faster doesn’t always mean eating two‑minute noodles or cancelling every streaming plan. Some small tweaks here and there can help speed things up without turning your life upside down.