At LendingTree, we help you get the best deal possible on your loans, period. By giving consumers multiple offers from several lenders in a matter of minutes, we make comparison shopping easy. And we all know-when lenders compete for your business, you win!
A personal loan is officially repaid when you pay back what you borrowed – the principal. But, the amount of interest you’ll hand over to the bank is greatly affected by how long it takes you to make that final payment. In other words, you’ll get to hold on to a lot more of your hard-earned cash by doing one thing: paying your personal loan off faster. If you’re in a 4-year loan, switch to a 1-year. Sound intimidating? It’s not — we’ll show you how.
It’s a simple equation, but bankers don’t want you to solve it. After all, big banks make millions of dollars from interest. Avoiding it is not something that’s in their interest (pun intended) to do.
Have you ever noticed the interest accrued on your credit card, automobile or student loan statement and been shocked by the total you see? It happens to people every day! Take this account from a borrower with average credit: when he put pencil to paper, it turned out that 39% of the monthly payment on a 4-year personal loan was going straight to interest. By switching to a 1-year loan, he could save $12,672 in pure interest (on a $24,000 loan).
By now you understand that your savings are reliant on your interest rate. There’s only one way to ensure that you get the best interest rate available, and that is to compare rates from banks all around the country. Sound impossible? Not with LendingTree. LendingTree makes banks compete for your business. The LendingTree website is fast, the service is free, and the results are yours with no obligation. What are you waiting for? Cut your 4-year personal loan down to size and thank us later.
Step 2: Once you go through a few questions, you will have the opportunity to compare the quotes from multiple lenders!
If you’re well on your way to paying off your loan with 21 months left or less, cut all the interest from your payments by transferring your balance to a 0% Interest Credit Card.