fadingbagel
New Member
I applied for a $2,400 loan at a very high 64% interest rate. I normally wouldn’t, but I had no other choice. There’s no penalty for paying it off early. My minimum monthly payment is $62. What should I make my payment?
Should I pay more than the $62 minimum on my 64% interest loan?
- Thread starter fadingbagel
- Start date
justafrenchdudebean
New Member
Make it as much as you can afford to get it paid off quickly
MysticMongoose
New Member
Pay as much as you possibly can, because over half of that payment is going to interest. I truly recommend making a double payment to help cut down on interest. I really suggest seeing if you can refinance at a credit union or something, because that interest rate is beyond excessive.
dungeonmem69
New Member
Pay it off in 10 months at $240
Or $300 in 8
Take the cost, divide by how many months you want to get it paid off in.
Depends on what you can afford.
I tell my husband ALL the time:
As long as you make your scheduled payment monthly, youre good.
But you can add $20, $40, or whatever you want between payments.
I say if you can pay more than your minimum, pay it off quicker.
Or $300 in 8
Take the cost, divide by how many months you want to get it paid off in.
Depends on what you can afford.
I tell my husband ALL the time:
As long as you make your scheduled payment monthly, youre good.
But you can add $20, $40, or whatever you want between payments.
I say if you can pay more than your minimum, pay it off quicker.