Important Fact #2

Interest is added to your loan balance every single day.

  • Interest knows no holidays or weekends. The more days you have your loan, the more interest you will pay overall.
  • For most loans, you can pay extra anytime you want (but never less!)
  • Paying more than the amount due will reduce the total cost and total time it takes to pay back your loan.
Important Tip! Watch out for loans with a "pre-payment penalty." If you pay the loan off early, you'll be charged a hefty fee! Most reputable lenders don't have pre-payment penalties.