After the excesses of the Fiestas, in which – according to a study by Deloitte – each Spaniard would spend an average of € 682 during Christmas, January is the month of rebalancing our economy. Adjusting the belt and knowing where to cut our monthly budget so that the January slope does not get so steep is crucial, although not everyone knows that it is possible to pay less, or even not pay, for personal loans in force for a certain period of time. help us recover our finances.
Expand the term of online loans to reduce the fee
If we want to reduce the monthly fixed costs so that our domestic economy looks more comfortable, one of the options we have is to request an extension of the repayment period of the personal loans that we have, in this way the monthly payment will be lower. Although to opt for this option it is important to have a loan that is flexible and allows us to change the term that appears in the contract without too much paperwork. Some of the personal loans that allow this option are loan lenders -> click to read more , which allow us to finance different purposes and change the amount or term at any time.
Request a lack of personal loans must bear in mind that although extending the term is a good way to pay less each month, the time we have to return the credit will also generate interest and pay more in total. In this way a credit of € 5,000 to 7% to pay for 12 months would cost € 5,191 in total with a monthly payment of € 432, but if we extend the term to 24 months, even if the monthly fee was reduced to € 224, the cost total of the loan would be € 5,373 .
Request a lack of personal loans
Although the extension of the term allows us to reduce the fee permanently until we completely discharge the debt, there is the option of the deficiency, which serves to pay only interest or not pay anything during one or several specific months. This option is more useful if what we want is simply to have a “month of respite” to recompose our personal finances.
With a partial lack, we will only pay the interest generated during that time, resulting in a much lower fee than we currently have. With the total lack, we will not pay any fee during the period agreed with the entity.
Although this option may seem very comfortable a priori, we must assess whether it suits us and once the grace period is over, the monthly repayment of personal loans will be higher to compensate for the months in which we have paid less or we have not paid out.
Before opting with one option or another it is advisable to carry out simulations on how it will affect the total we will pay for the personal loans in which we decide to apply one of these solutions and how the installments will be for the rest of the life of the loan. This way we make sure that, after spending the January slope, we do not find ourselves with an unpleasant surprise or a quota that unbalances our economy.