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Essential Tips on How to Manage Personal Loan Payments

Updated: Dec 27, 2021

From pre-qualification to being approved for a loan, taking out a personal loan can typically be a pretty painless process. Lenders offer slick online applications and same-day funding.

However, managing your debt can be even more complicated once you’ve taken out your loan. Like any other form of debt, you should understand how the monthly payments change your budget and a clear plan to pay off the loan debt as quickly as possible.

Below are some essential tips on how to manage personal loan payments:

1. Make a Payment Schedule When Your Personal Loan First Comes Due

After receiving your first payment notice from the lender, review your personal loan terms and schedule a payment plan. Estimate how much you will make per month, divide that into the amount owed.

If you cannot make extra payments, make your monthly payment due on the first of the month rather than the fifteenth.

2. Pay Your Loan on Time

If you fail to make payments on time, you will be charged a late fee, plus penalties of $35 per month. This could put you into a deeper financial hole than what you already had, so it is important to avoid late payments.

If you can’t make a payment on time, contact the lender immediately. A lender may be willing to work with you to offer an interest rate reduction or other favorable terms to help keep you from missing payments.

3. Add Extra Money to Your Payments When You Can Afford It

If you are in an excellent position to pay off your debt more quickly, do so. Putting money toward your monthly payment can help lower the length of time you will be in debt and be a better option than paying late fees.

If you struggle to make your payments, it is better to talk with your lender about your circumstances rather than stop making payments. They are more likely to work with you if you communicate the situation to them, rather than just ignoring the problem.

4. Pay Your Debt in Full When You Are Able

Personal loans are designed to be paid off over a set period. If you don’t pay your debt off as soon as you can, you will pay a lot more in fees, interest payments, and more. Every time you pay off your debt, you will save money.

5. Know When You Will Be Able to Pay Off Your Loan

If you know you won’t be able to pay off your loan in total for a long time, be sure to change your payment schedule. If you can make more payments, but not the total amount, set up your payments so that you’re making more payments now and fewer payments later.

If you’re not sure how to make payments, call the lender and ask what they can do to help you. Please pay them on time when asked to make personal loan payments. Also, make sure to talk with your lender about how you can make extra payments if you can afford them.


Personal loan payments need to be managed like any other form of debt. Making payments on time, and following up with your lender if you’re struggling to make payments, is just as important as when using other forms of debt.

When Ends Don't Meet was formed to help the financial loan needs across multiple communities in the Southeast. We've partnered with 19 different lenders in numerous major metro communities to deliver a personal service to an increasingly technological process. We are not a payday loan company.

Our lending partners are proud to offer affordable installment loans that give you money fast and help you build good financial health. If you need personal loans in Pelham, AL, get in touch with us! Get your loan today!

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