Tuesday, January 8, 2019

3 Ways to Pay off Student Loans Sooner, Including Payday Loans

3 Ways to Pay off Student Loans Sooner, Including Payday Loans


Getting a student loan, or multiple loans, is necessary for a lot of people. If you don’t have the cash on hand to pay for tuition and fees, what else can you do? Without student loans so many people wouldn’t be able to access higher education. But there are big downsides to these loans too. You can end up with debt for years that is hard to get rid of and that can impact all your financial decisions. To get ahead of your debt, try these strategies for paying off your student loan faster.

1. Take Advantage of a Payday Loan to Repay Student Debt


It may seem counterintuitive to take out another loan, but there’s a method to the madness here. A big problem with student loans is being late or missing payments. This can cost you more in late fees and even cause you to default. Instead of skipping a payment, try using this kind of loan that provides quick cash just for situations like these. A payday loan is based on your income, so as long as you work full time and get a regular, steady paycheck you should get approved easily. The loan is small and gets repaid with your next paycheck. This allows you to get cash quickly, make that payment on time, and start chipping away at that student loan in a way that makes sense.

2. If You’re Not Comfortable with a Payday Loan, Go for Extra Hours at Work


Not everyone is ok with getting another loan, and that’s understandable. A payday loan can be an easy, user-friendly way to borrow cash for these purposes, but if it’s not for you, planning ahead more may be necessary. To avoid a situation in which you are unable to make a student loan payment, and to simply get it paid back sooner, you’ll need to earn more. Ask your boss for more hours, or you can try asking for more responsibilities along with a pay increase. As long as you’re earning more you can put more money toward that student loan repayment plan.

3. Get a Side Hustle to Repay a Student Loan Sooner


You may not be able to earn more at your current job, and getting a second job may not be feasible. For more flexibility in how much you work and earn, try a side hustle. Sell your old stuff or your crafts online; walk your neighbors’ dogs or take care of their pets when they travel; offer handyman services on the weekends. Do whatever you have to do to earn a little more and you’ll be able to pay off your loan in no time.

The alternative to these solutions is to save more money. Spend less and you’ll have more to put toward student loan debt. Of course, this can be easier said than done. You may already be scrimping and saving. So, consider earning more if you can and relying on payday loans to get rid of that debt faster.