Not including mortgages, the average American has about $38,000 of debt.
If your debt includes a hard money loan, it’s one you need to pay off as quickly as possible. Fortunately, we’ve gathered some tips for you to help you save money and keep your assets.
Keep reading to find out more about how to pay back hard money loans in Georgia.
1. Reduce Other Debt Payments
The first thing you need to do to pay off your hard loan is to stop making anything other than minimum payments on all of your other loans. This can help you have extra cash on hand every month to put towards your hard loan.
2. Round-Up Amount
How you round up your payment is up to you. We recommend rounding up to the nearest $100. For example, if your minimum payment is $160, round it up to $200. If that’s the lowest you pay every month, you’re already on your way to paying the loan off much faster.
3. Make Bi-Monthly Payments
Always check to see how your loan is structured before increasing the number of payments you make each month. However, if you are able to pay twice a month, it will help limit the amount you’re spending on interest.
The rest of the tips are some ways you can find extra money every month to put towards increasing your loan payments.
4. Apply Monthly Savings
Look for ways to save money and start doing them. Then, take that extra money and apply it to your loan.
For example, if you normally pay $120 per month on your electricity, switch to energy-efficient light bulbs. When you only pay $110 the next month because of the change, put that towards your hard loan.
5. Eat In
Consider how often you go out to eat, and reduce the amount by half. Then, use that extra money to pay off your hard loans faster.
6. Keep Your Change
Get a jar and start throwing your change into it at the end of the day. After a couple of months, empty the jar and put the money towards your hard loan. This is another small step that will add up over time.
7. Start a Side Hustle
By far the best way to pay off your loan faster is to start earning more money. There are numerous ways to quickly earn money on the side. Here are a few ideas to get you started:
- Sell things you don’t want any more
- Drive for Uber, Lyft, or another similar service
- Offer to do things like mowing lawns or painting for people you know
You may even consider getting a temporary part-time job that will help you get your loan paid off in far less time.
Need Help Getting Hard Money Loans in Georgia?
Now you know seven ways you can pay off your hard money loans in Georgia faster. This will save you money and help you get out of debt faster. Plus, you can use many of these techniques to continue saving money!
If you need help getting a hard money loan, contact us today! We’d be more than happy to help you get the money you need right now.