Our Top Tips for Paying Back Your No Credit Check Installment Loan
You’re behind on your bills. You’re having trouble paying for necessities. As such, you’re looking into getting some sort of a loan.
Right now, you’re looking into getting a no credit check installment loan. However, before you do, you want to make sure that you’re going to be able to pay it off in the future.
The question is: how do you pay off title loans when you’re already behind on your finances? What are some strategies you can utilize to get around the problem?
We’re going to discuss some of these below, showing you exactly how to be a responsible borrower and pay off your loan. So, without further ado, here are our top tips for paying back your no credit check installment loan.
Make a Strict Budget
First and foremost, you need to make a strict budget. If you’re already behind on your finances, you’ll be scraping by in the coming months. If you don’t have a strict budget in place, you’ll almost certainly overspend, thus putting yourself at risk of not being able to pay off your loan.
Use either an app or an Excel spreadsheet to chart every regular expense you have. Then factor in more volatile expenses like food and emergency purchases. When factoring in these expenses, it’s better to overestimate rather than underestimate.
Add it all up and see how much your monthly estimated expenses are. Then, see if there are any areas in which you can cut costs a bit.
Throughout the month, make sure to chart expenses to ensure that you’re not overspending. If you do find that you’re overspending in one area, do your best to either scale back in that area for the rest of the month or simply spend less in another area.
It’s important to have your finances laid out in front of you this way. If you don’t, you’re essentially just throwing money into the void. When you’re throwing money into the void, you’re going to lose track of it, and will ultimately spend money you don’t have.
Then, by the time the payment day comes, you won’t have the funds necessary to pay your installment loan. So, put simply: a strict budget is a necessity.
Take Advantage of Financial Tools
There are a number of financial tools on the market today, many of which cater to individuals. These tools can go a long way in monitoring and managing personal finance and should be viewed as key components of your budgeting arsenal.
Some of the top budgeting tools on the market today include YNAB, EveryDollar, and Goodbudget. This enables you to enter your purchases into interactive budgets, thus allowing you to track your finances over time.
Because they allow this, they’ll help you ensure that you’re not overspending. This will ensure that you’re able to make your loan payment at the end of the month.
Cut Back on Unnecessary Expenses
Not all expenses are necessary. Sure, you want that coffee from Starbucks, but you don’t really need it. Sure, you want to eat out this week, but you could make do at home for much less money.
This is why when in the process of paying off your installment loan, you should cut back on unnecessary expenses. Stop eating out, get gas station coffee instead of Starbucks coffee, and use those saved dollars to chip away at your loan payments.
You’ll be surprised at how much money you’ll save simply by excluding non-necessary expenses. Doing so could add up to hundreds of dollars a month.
Only Borrow What You Need
One of the primary facets of responsible borrowing is not borrowing any more money than what you really need. Borrowing more than what you need creates an array of problems that will just complicate things over time.
For one, it gives you the potential to spend money on things that you don’t actually need to have. When you do this, you end up having to pay off more money in the long run.
For two, it will increase your monthly payment. This isn’t a problem if you’re able to properly manage the money you were lent. However, if you don’t, you’re simply going to dig a bigger hole for yourself.
This will result in you pinching even more pennies in the long run. You might even have to take on new jobs, and all to pay off loan money that you never truly needed in the first place.
So, when obtaining no title loans, make sure you only apply for the amount you need. Don’t spend this money on frivolous items or experiences. Use it to cover your necessary expenses and nothing more.
Grab a Side Gig
Sometimes, trouble paying back a loan is as simple as not having the money necessary to do so. In these situations, we have no option but to make more money.
Of course, there are a number of ways to go about making more money. Yes, you could look for a more lucrative job. However, you’re not likely to land one within the next few weeks.
This is why you should instead consider grabbing some sort of side gig. There are many different types of side gigs out there. For example, you could be a rideshare driver. Or you could do a bit of freelance writing.
If you’re able to bring in an extra, say, $50 a week, you’ll have a much better shot at paying off your loan. Plus, you might even find a steady income stream for the future.
There are all sorts of things you can do as a side gig. Find some ideas by clicking here.
Work Some Overtime
You’ve got to do what you’ve got to do. And, in some cases, that might equal working some overtime. Even adding $25 a week will earn you $100 more by the end of each month.
That’s obviously not a hugely substantial figure. However, it will most certainly help you to chip away at your loan.
So, if any opportunities for overtime pop up, don’t hesitate to grab them. A few more hours of work a week is a slight annoyance that you can deal with if it means being able to regularly pay off your installment loan.
Pay More if You Can
Installment loans require you to pay a minimum monthly fee at the same time each month. If you pay this monthly, you’ll eventually pay off your loan. Note, though, that you don’t have to stop at the minimum payment due.
You can pay more, and, if you do, you’ll pay your loan off even faster. Plus, the more you pay upfront, the less interest you’ll have to pay off over time. Therefore, by paying more than the minimum monthly payment, you’ll actually be saving yourself money.
This is why, if you have any money left over at the end of the month, you should put it toward your loan. Even an extra $15 a month can save you money over time.
Pay Bi-weekly
Another thing you can do to help you pay off your loan is to pay it bi-weekly. So, instead of paying the whole minimum payment at once, split it into two payments and pay them every 2 weeks.
This not only helps ensure that you’re staying current with your payments but it also reduces overall interest accumulation. This is because you’re reducing the balance more frequently, thereby ensuring that interest is accumulating on less money instead of more.
You could even consider paying more frequently. A payment a week would knock interest accumulation down further still.
Keep a Payment Calendar
Sometimes, we just forget to do the things we’re supposed to do. You might even forget to make your installment loan payment at times. This is why you should keep a payment calendar.
This way, you’ll be able to visualize all of the due dates for your monthly payments and will be able to see them coming in the days leading up to them. Check each payment off as it’s made, and you’ll never miss a payment due to negligence.
Set an Alarm on Your Phone
Not only should you put together a payment calendar but you should also set an alarm on your phone. Label it with a reminder to make your loan payment and you’ll be much less likely to forget to pay it.
The great thing about an alarm is that, once it’s set, it doesn’t require any work for you. It will go off and alert you actively. It won’t passively wait for you to check it like a payment calendar will.
Using these two things in tandem is generally all the reminders you need to ensure that you make your payments on time. If you’re making your payments on time, you’ll pay your loan off as quickly as possible and for as little interest as possible.
Try to Lower Your Other Bills
Another option to consider is to try lowering your other bills. This can sometimes be done through loan consolidation and the like. You might even be able to get on a payment plan for some of your monthly payments.
Have student loans? If so, and if you’re not on an income-based payment plan, you should get on one. This will typically reduce your payments on a month-to-month basis.
Having trouble paying your credit card minimums? You could ask to have them lowered temporarily. Or you could inquire about a payment plan for your credit card.
This is going to involve some legwork, not to mention some negotiation. However, you’d be surprised at how willing some lenders are to lower their customers’ monthly financial obligations.
Take It Easy on Yourself
Falling behind on finances isn’t fun. It can feel fairly demoralizing. And, in many cases, it brings about a good deal of shame as well.
However, that doesn’t mean that you should wallow in it. Beating yourself up over this isn’t going to help you pay off your loan. In fact, it’s just going to introduce more pressure to an already-pressure-filled situation.
So, put simply, take it easy on yourself. Give yourself time to rest. Forgive yourself for any financial mistakes you may have made. Try not to focus your entire life on paying off this loan.
You should still allow yourself to live. You should still splurge on yourself from time to time. If you don’t, the pressure will mount, and you’ll burn yourself out. If this occurs, you might have trouble making additional money, which could make it even more difficult to pay off your loan.
So, in summary, don’t make paying off this loan your entire existence. Yes, it’s important to pay it off. Yes, it’s wise to throw a few extra dollars at it every month or so.
However, if you have to work yourself into a frenzy over a prolonged period of time in order to throw in those extra few dollars, it’s not going to benefit you in the long run. It will likely hurt you instead.
Interested in Getting a No Credit Installment Loan?
What do you think? Are you interested in getting a no credit installment loan? If so, we here at Quick Loans are the ones to see.
We offer no credit title loans to vehicle owners of any kind. As long as you have a title to show us, you can get a loan without showing your credit.
Apply for your loan now!