By using a credit card, or ask for an individual loan (or similar) you need to meet the monthly payments to avoid harmful your credit history. If you are a good payer, you will soon get lots of benefits, such as being a candidate pertaining to future major loans.
In addition to not stalling the installments, there are 2 more ways that will help you to be considered a good payer: advance obligations and advance payments. Find out more about both!
What exactly is prepayment?
If you have cash to pay a debt, in advance, you can make an advance transaction. This will help you as follows:
1 . To reduce the main city that was lent to you, that will allow the interest rate of the preliminary loan to decrease.
2 . To change the transaction dates, as well as reduce the income of the entity that has given the money.
Whenever opting for prepayment it is possible to select from reducing the amount of the payment (maintaining the same months from the loan) or maintaining the quantity of the installment, reducing the first number of months.
Suppose you have taken out financing of 3, 000 bottoms to pay in 10 payments of 300 soles and also have already paid the first 8 weeks (regardless of interest). Meaning we would have to pay 2400 bottoms. If you opt for prepayment plus pay a total of nine hundred soles (the equivalent associated with 3 installments), you would be due the bank 1, 500 bottoms
The previous number could:
1 ) Pay well in five installments of 300 bottoms (keeping the initial monthly determine, but reducing the lacking months).
second . You could pay 187. five for the remaining 8 a few months.
What is the enhance of fees?
When it comes to advance payments, what happens is the fact that some months of financial debt can be paid before time. So , for example , if you a new debt that you had to pay through January to October plus choose in March to progress the payments of Apr and May, you can delay the particular payments of the following payments until June since the prior two months would already end up being paid.
In contrast to with advance payment, the particular advance payment does not mean attention reduction because the initial quantity borrowed is not reduced.
Some extra data…
Remember that to access the right in making advance payments as well as to progress payments you must find updated with your debts. In addition , choosing any of these types of payment will not represent additional costs.