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I have two school loans from undergrad. I They are exactly ALIKE Mississippi ALL ASPECTS except the balance. Same lender, same type (unsubsidized stafford), same repayment terms (108 months), same interest rate (2.48%! :) I know its really low, thank goodness!). The ONLY DIFFERNCE between the two is the balance. One is $4351.99 (at 2.48%, repayment term of 108 months, expected pay amount each month: $48.95, expected payoff date: 10/27/18) and the other is $2124.57 (at 2.48%, repayment term of 108 months, expected pay amount each month: $24.91, expected payoff date 10.27/18 ). I have NO PLANS to pay this little loan off till 2018... I want to get it out off the way ASAP. I am allowed to split/specify payment amounts for each loan if I so choose. I always pay more than expected, i.e. I pay at least 100-150 a month total. If I have more, I pay more (up to $500 if I can). Should I be allocating more of my payments to the higher loan balance or the lower one? I have good credit so credit is not really an issue, and yes I get that paying off the first one is a nice psychological boost, but which is better monetarily. Thanks!
Reviewed my bill reciepts and noticed that when I pay, there is about a 60/40 split between how much of my payment is is applied to principle (60%) and interest (40%). I used to call in payments and specify how much I wanted to go to principle (around 70-80%) b/c the cost of interest is based on the amount of the balance. Not sure if I can specify that though anymore. Should I call and get that modified. I think the 60/40 split is automatically done ( I pay online now).
Before you start paying these down answer these questions. Do you have any credit card debt - if yes, pay it off. Do you have a car loan - get rid of it. Do you have a checking account with at least one months salary in it? Most important. Do you have a savings account with at least 6 months worth of emergency savings in case you lose your job, have car trouble or get a medical condition? No one should ever take a step without this safety net savings account. If you checked yes to all - proceed paying off your loans. If all the same rate - pay the smallest ones off first. A paid off loan is very good for you rating and it will stay on your reports for many years to come. /
Since the interest rates are the same, monetarily, it does not matter which one you pay off first - you save exactly the same amount. Savings are based solely on the extra amount you pay and since you save the same 2.48% apr regardless of which loan you pay, you save the same monthly amount on the excess you put toward principle. You monthly rate on each is 2.48/12 or .206% (roughly) or .00206 - thus is you pay $100 on the bigger loan, in the future you will be saving about 21 cents per month until the end of the loan...similarly, if you put the $100 to the small loan, which has the same termination date, you end up saving about 21 cents per month until the end of the loan. The equivalency works out regardless of the amount extra you pay. Since you electronically pay, you don't get savings from eliminating postage, so everything except the psychological boost is a wash. Not sure why you are getting the split you are getting - but the interest charged monthly should be a declining amount as you put everything else toward principle.
Since they charge the same interest rate, it doesn't matter which loan you pay off first, the total interest charged on the two balances will be the same. I would pay off the smaller one first. Psychologically, you will feel good when it is paid, and more motivated to keep paying extra on the other one. Moreover, if you ever get into financial trouble and need to renegotiate this loan, it'd be easier to have only one to deal with.
They have not needed to considering there's a financial institution correct around the road (relatively). They installed a visitors mild, move stroll and feature a crossing shield. Or you'll be able to use the go back and forth. You do not even have got to pass into the financial institution if you do not wish to. You can simply pass as much as probably the most 8 home windows.
The normal rule is: pay the one with the higher interest rate first. In other words, pay off or eliminate the one with the higher rate. Since the rates are equal here, there's no overwhelming financial interest pulling one way or the other.