The average Canadian under 35 carries $19,000 in debt. For those between 35 and 44, it’s over $35,000, and $55,000 for Canadians between 44 and 55. Paying down debt can be tricky for people of all ages. If you’ve recently taken out a no credit check loan, you may be wondering how you’re going to pay it back. Having a payback plan in place before you get no credit check loans is key to staying out of further debt.
Today, we’ll give you a short guide for paying back fast loans in Canada. There’s no denying that a no credit check loan can help you out of a variety of financial binds. If you aren’t careful about paying it back, however, it can create more problems than it solves.
Fortunately, putting a plan in place doesn’t have to be difficult. Keep reading and we’ll give you the King Cash method for paying off your personal loans.
Make More Frequent Payments
Paying your minimum monthly payments will get your kingcash.ca loan paid off eventually. If you want to do it faster, however, one of the best things you can do is make more frequent payments. Just going from monthly to bi-weekly payments can cut the time it takes to pay off the loan in half.
Not only does this method get the loan paid off early, but it prevents you from paying more in interest. For this very reason, not all no credit check lenders will want you to pay more frequently. That’s why using King Cash is your best bet-we care about your financial health, not taking advantage of your situation.
It doesn’t necessarily have to be a scheduled bi-weekly thing, either. If you come into a cash gift or you get a holiday bonus from your employer, toss it on your loan and take a decent chunk out of it. Doing this periodically will make it so much easier to pay down your loans.
Round Up Payments
Another easy thing to do that doesn’t impact your finances that much is rounding up your payments. You can round up to the nearest ten, fifty, or hundred, and cut out small chunks of debt each time you make a payment.
For example, if your loan payments are $135 per month, you can round up to $150. An extra $15 per month might not sound like a lot, but that’s $180 per year without making a large impact on your day-to-day finances.
You don’t have to do it every month. If you’re feeling particularly comfortable with your cash flow in a given month, put a bit of extra cash toward your loan and get it paid off slightly quicker.
Not everyone is equipped to make extra payments or round up their payments on a regular basis. In these scenarios, it can be helpful to take other types of actions. One of the easiest things to do is to survey your home and determine if you’ve got any possessions you can sell.
Everyone’s got things that they don’t need. Whether it’s an old lawnmower or some household electronics, list these belongings on a site like Craiglist or Kijiji and see what you can get. Use this money to make extra payments on your loan and watch your debt disappear before your eyes.
Cut Out Expenses
Another way to put more money in your pocket is to cut out unnecessary expenses. You might be surprised how much going out for dinner and drinks or heading to the mall impacts your financial situation. If you can resist spending money frivolously, you can use that money to pay debts.
As with selling items you don’t use anymore, cutting out expenses doesn’t add anything to your plate. You don’t have to cut out all expenses, but if you go out for dinner once per week, try switching it to once every two weeks. Eventually, you’ll see that these extra dinner trips are costing you a lot of money you don’t have.
Take on Temporary Work
A lot of Canadian borrowers resort to taking on additional employment, at least while they’re trying to pay off debt. This isn’t an ideal solution for everyone, especially if you’ve already got a full-time job.
Getting a weekend job or something remote that you can do in your spare time will make a difference, however. You can do it until your loan is paid off, then go back to having a single job.
There are other side hustles you can take on that don’t necessarily mean extra employment also. If you’ve got an artistic streak, you can try selling your wares on Etsy or if you’re an animal lover, advertise dog walking services around the neighborhood. Every little bit counts towards paying off your loan.
A great way to keep closer tabs on your monthly finances is to develop a more effective budget. There are a variety of different budgeting methods, so it’s really a matter of trying different ones out to see what works for you.
Budgeting helps you track your spending habits so that you can cut out unnecessary expenses and keep money in your pocket. Only about half of all Canadians actually have a monthly budget, but those that do always have better financial health.
It’s also true that budgeting will boost your financial health. You’ll pay off this loan, but because you’re better with your money, you’ll be eligible for better and better loans as you keep going.
No Credit Check Loans From a Quality Lender
No credit check loans are an amazing resource when you’re not in the best financial shape. That said, it can be risky to borrow from a lender that isn’t trustworthy. When it comes to no credit check loans, there are more swindlers out there than you might realize.
Reputable lenders are available, however. At kingcash.ca, we pride ourselves on helping Canadians get short-term loans when they need them most. We offer competitive terms and make the application process as simple as possible.
Just click “Get a Loan Now” on our site and fill out the form. You’ll be approved for your no credit check loan in a matter of minutes. Use the tips we’ve given you here to make sure you make timely payments and you’ll get the loan paid off in no time while boosting your credit score.