If you have a loan that you want to repay then you may feel a little daunted about how to go about this. Some loans will have a monthly repayment schedule where you repay a certain amount, which is usually taken by direct debit so it just sorts itself out automatically. However, this is not always the case or you might want to repay a bit extra so that they loan is repaid more quickly. In these cases, you will need to come up with a plan.
Check if there are early repayment fees
The first step is to work out whether there are any fees to repay the no credit check loans early. These are often called early redemption fees. The lender will want some compensation for the lack of interest that they will receive as a result of you repaying early. Sometimes this can be a really large amount of money, more than you would be paying in interest anyway. Sometimes it could be a small amount of money which is more like a small administration charge. It is wise to find out how much it will be as if it is large then it may just not be worth you bothering to repay it early.
Decide how much you want to pay
Next you need to plan how much you want to repay and how often. You might have a target of when you want it to be paid off, for example or have a certain amount that you want to pay each month. If you want to pay by a certain date then you will need to calculate how much you will need to repay each month in order to do this. These figures might seem high, but this is not something you should worry about at this stage.
Calculate how to do this
At this stage you will be able to work out how to make the money that you need. There are basically two things you can choose from or combine to achieve this. You will either need to spend less money or earn more money or a combination of both. Sometimes we spend a lot of money on things we do not need and we can cut back and find that we will be able to afford things like these loan repayments. However, we may find that even if we cut back on everything we buy, that is not essential it will not be enough. We might be able to spend less on the essential items by comparing the different providers and seeing whether we can switch to one that is cheaper, such as changing insurers, utility suppliers, lenders, retailers etc. This can be a good thing to check because if we can get the same things but at a lower cost, then we can save money without really noticing a big difference in things that we buy.
We may still need to think about earning more money though. There are different ways to do this. You could try to get more money in your main job, perhaps working more hours, looking for a promotion or pay rise or trying to find a similar job with higher pay. You could get an additional job if you have the time or you could look for ways to earn money from home. There are lots of things you can try but it will depend on how much time you have, what you are prepared to do and what skills you have and what is available. However, it is likely that you will be able to find something, whether it is some freelance work, filling out surveys, being a virtual assistant, making a video, setting up a website or starting a business. It is a good idea to research different ways of making money online so that you are aware of all of the options available to you and you will then be able to choose the one that you think will suit you the best.