Pay your loan off quicker with weekly or fortnightly repayments

There are two ways this can be done there is a true repayment option and an accelerated repayment option. An accelerated repayment is when you have a monthly repayment and you divide the payment by 2 for fortnightly or by 4 for weekly.

This will not only reduce the amount of interest you pay back but it will also reduce the number of years it will take for you to pay off your loan and the less the bank gets and the more you save is always the best option.

This option will give you an extra months payment per year as you end up with four extra weeks or two extra fortnights each year.

A true repayment is where the bank benefits and you don't pay the loan offer in a shorter time and they get all the interest payable if you take the full term to pay the loan off. This type of repayment is calculated by multiplying the monthly payment by 12 then dividing this by 52 for weekly payments or 26 for fortnightly payments.

With a True repayment you only pay 12 months in the year and not 13 months and this is a preferred option for a lot of lenders.

With interest calculated daily, the more frequent the repayments this results in less interest being charged to your loan over the course of a month.

But beware you must specify your repayment or the lender will just do the basic weekly or fortnightly repayment.