How to save money on loans

Borrowing money is something we will all likely do at sone point, but there are ways to save money on loans when you have them. A few days ago, I came across a really helpful infographic from Prosper.com, the peer-to-peer lending service, which illustrated the options consumers have for consolidating loans in order to reduce the interest rates on their debts. Depending on a variety of factors, such as credit scores, terms of the loan, and its purpose, they advertised 6.7% rates for borrowers.

save money on credit card debt

Prosper can help you save money

Prosper helps you save money on debt

The infographic is very compelling in showing the impact that consolidating outstanding loans to lower rates can have on your finances. And, since interest for many types of loans cannot be deducted on your taxes, it’s even more important to get the lowest rates you can for outstanding loan payments.
And, if obtaining another loan is not a process you want to go through, there are other options available to you as the graphic points out. For one, simply calling your bank or lending organization and asking them to lower your rate can instantly help you save money on a debt.

 

 

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