Short-term loans are becoming ever more popular across the Land of Lincoln, especially during the COVID-19 pandemic. People have less income, have lost their jobs, and aren’t getting as much help from the state or federal government. Even if you feel like you
First Things First – Check Your Credit Report
The United States requires the three major credit bureaus, Equifax, TransUnion, and Experian, to provide each American with a free credit report once a year. You can request a report directly from them or use an online credit score checker to get your copy. Scan the report to see if any delinquent debts don’t belong to you. If so, you can have them removed, boosting your credit and reducing short term loan rates available to you.
Check for Early Payment Stipulations
By paying off loans early, you pay less interest. Some lenders don’t allow this and require you to pay the same amount even if you pay your loan off early. Read over terms and conditions to make sure your lender allows early payment.
Get a Shorter Loan Term
Having more time to pay off your loan would be nice, but do you really need it? Extending loan terms is a good way to get higher interest rates.
