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digitalbeast

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How quickly should I pay off this new personal loan?
In an effort to improve my credit score, I took out a $1,000 personal loan today. The rate is terrible (35.99%) for 12 months, but my credit score needs the boost of a satisfied personal loan. There is no early repayment fee/penalty, and I am wondering if there is any benefit to making a large payment up front. Would this reduce the interest paid, accordingly?

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Yes,it would benefit your utilization if you pay it down quickly, do it if you can.  

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In addition to helping your utilization, the interest is (usually) calculated on how much you currently owe, so paying more up front will also reduce the total cost of the loan.  I say usually because I have heard of some kinds of payday loans where the total interest payment is set - I'm guessing you avoided those!

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