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Doctor’s appointments. School. Loan payments. What do these three things have in common? Aside from being some of the less inspiring parts of life, all those things require us to be on time.
And sure, maybe talking about loan payments doesn’t get us over-the-moon excited, but we’ve got a secret to share with you — making your payments on time can help you do exciting things in the long run.
Making on-time loan payments is what builds your credit score.
And your credit score? It can unlock the ability to make big life purchases like a home or a car. When you stay consistent and timely in your payments, your credit will steadily grow.
On-time payments prevent late fees.
There’s a reason you got a personal loan, and it wasn’t so that you could accumulate fees. Making those payments on time helps you pay back the principal and interest and nothing else.
How can I make sure I don’t miss a payment?
- Set up a loan account and use it to set up recurring payments. That way, your payment will automatically be drafted from your bank account monthly and you can rest easy knowing your payment is on time, every time.
- Pay early if you can. We don’t penalize for early payoff, so if you have a little extra cash, go ahead and make a payment! It’s better to pay the expected amount early than to pay late fees later.
So what if I miss a payment?
It happens! Sometimes money isn’t available right when you need it, or unexpected expenses arise. Life is, well, unpredictable. We get it. One late payment isn’t going to throw your credit score completely off balance. Just pay it as soon as you can, and try to get back on track.
