“Too much hassle” is what many people say when I mention the refinancing of their loans. That’s how I spoke to Thomas recently. See mtcart.com for an observation
He realized that the interest on borrowing money had fallen considerably since he took out his Payday loan. But with the thought of paperwork, he got the jitters. Transferring his Payday loan was out of the question.
Payday loan interest
Sin! Re-lending your Payday loan can save you a lot of money. The difference in interest rates between different Seventies bank providers can easily increase to 2 percent. You don’t have to be a math wonder to see the advantage of borrowing at 7.5 percent or 5.5 percent. With a loan of 20,000 dollars, it saves 400 dollars in interest costs on an annual basis.
Compare Payday loan
You would say that is easily earned. But the difference in interest is not the only thing that you can compare between different providers of Payday loans. It can also pay to compare the terms and conditions of Seventies bank providers.
Longer or shorter loan term
Perhaps the current term of your Payday loan no longer matches your personal situation. Thomas had just told me that he was thinking about going back to college. That means fewer hours of work per week and therefore less income. A longer-term of his loan and therefore a lower monthly term for his loan would, in that case, fit better with his personal situation.
Repay Payday loan
Thomas was still not convinced. “But what about the penalty interest?” Indeed, a point to take into consideration when you transfer your Payday loan.
With a Payday loan, refinancing means early repayment of your old loan and taking out a new loan. Seventies bank providers may charge penalty interest for early repayment. They miss out on interest. But the fine often outweighs the amount that you save with rescheduling.
Transmit with the retransmission service
“Okay, rescheduling can, therefore, offer more favorable conditions and save a lot of money.” Thomas began to see the benefit of rescheduling his Payday loan. But yes, that paperwork …
Let us now also have a solution for this at Seventies bank! Enter your details on our site and calculate whether transferring will benefit you. Request a quote and we will take care of the rest. Totally free. That is the Seventies bank transfer service.
Transfer request quote
Thomas was up. And you? We are also happy to assist you in transferring your Payday loan. Convinced? Enter your details here, request a quote and start saving as quickly as possible!