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oneluckypops

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how long to pay off 6 month personal loan
I took out a 1000 dollar personal loan earlier this month, I am trying to find out if I would be better to wait the full 6 months to pay it off. Or should I pay it off sooner and if sooner how soon is too soon?

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Read the paperwork you got with the loan.  Every loan I have ever had has required payments begin the month following disbursement of the funds and it is to be paid in full within a specific time.  My car is a 72 month loan and I am certainly NOT waiting until that period to pay back the more than $22,000, but am making monthly payments. You might be late in making payments and will have to add some fees to the payments as penalty, and this will not be good on your credit score.

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Mainly check your original terms for a pre-payment clause. If there isn't a clause penalizing you from paying early. Pay it off before the 6 months is up if you have the funds to do it, but be careful if that's your only installment loan reporting active on your credit report, it's part of the category for the mix of credit you have. If paid off and no other installment loans like student, auto, mortgage or personal loans showing active, you could take a hit on your scores. It's good to pay off early but if you have things that negate that, it could lower your scores. 

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