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How To Stay on Top of Your Loan Repayments

This article will discuss the best tips for staying on top of loan payments and why it’s so important. 

Reasons To Stay on Top of Loan Payments

Simple Fast Loans offer online loans that are ideal for helping you get the money you need to make necessary home improvements. Car repairs, handling medical emergencies, and other essential expenses are other reasons to get loans.

However, any loan is a responsibility that you must take seriously. This article will outline some of the biggest reasons to stay on top of your loan payments and what you safeguard yourself against in doing so.

Loan Debt and Loan Activity Affect Your Creditworthiness

Did you know that your borrowing activity follows you for years to come after you’ve paid off your loan? Even if you make payments on time and don’t accrue much loan debt, a missed payment or insufficient payment can go down on your credit record for the long term

Credit bureaus look at your credit card spending, loan debts, loan repayment patterns, as well as your bill-paying habits when assessing your credit score. Therefore, if poor loan repayment leads to a poor credit score, you could miss out on lending opportunities in the future. 

You don’t want your loan repayment to be the thing that comes between you and approval for a mortgage, car purchase, or other lines of credit in the future. 

You Can Avoid Unnecessary Charges and Interest

Depending on the terms of your loan, these charges could add up quickly if you aren’t monitoring your loan payment due dates and honoring them. 

Simple Fast Loans offer convenient and lenient options for those who find themselves unable to make a loan payment. If you contact us at least 48 hours in advance of your scheduled payment, help can be arranged to figure out a payment plan with you.

Keeping a schedule of your loan payment dates will help you, in this case, to get in touch with us in a reasonable time frame.

You Can Better Avoid Going into Debt

Perhaps the most important reason to keep track of loan payments is to avoid debt. It’s plain and simple; if you don’t make payments, you immediately start accruing debt to your name. Debt makes it significantly more difficult to get approved for other loans and borrowing situations in the future. 

Pre-approval for a mortgage depends on your gross debts, for example. Furthermore, lenders will assess how well you paid off your debts from past loans before deciding how responsible of a borrower you are.

Tips for Keeping Track of Loan Payments

Simple Fast Loans offer flexible and easy repayment periods for all of our loans to help you stay on top of payments. However, if you’re not monitoring your repayment schedule, you still risk making late payments or missing them altogether. 

There are unique ways that borrowers can stay on top of payments and work to avoid loan debt. Take a look at some of the best tips for doing so below. 

Regularly Check Your Account Balance

Checking your account balance is one way to monitor your loan payments. Our online loan platform makes it easy and convenient to log into your account and check your loan balance. Simply head to the “My Account” section of the site and view your loan specifics.  

This is one way that our online loans surpass traditional ones. Since your loan links to our online platform, you can use the website to apply, make payments, check your balance, and more.

Make a Financial Calendar for Yourself

Who says that financial planning has to be boring? Creating a financial calendar for yourself that details your expenses is a great way to stay on top of loan payments.

Block out your expenses and loan payments together on your calendar so you know exactly when things are due. You might even color-code your scheduled payments so that you can differentiate loan payments from other expenses. 

Another benefit of a payment calendar is that it keeps you aware of when other expenses are due, such as utility bills, rent payments, and medical bills.

For example, if you have a bill due the same day that your loan payment gets scheduled, checking your financial calendar will make you aware of the coincidence. This way, you can remember to set aside extra money in advance of that day. 

Set Reminders for Yourself

Another great way to stay on top of loan payments is to set useful reminders for yourself. The convenience of smartphones and mobile devices cannot be undersold. Use a reminder app or a simple clock reminder on your phone that warns you before loan payments are due. 

You can even set multiple reminders so that the payment is fresh in your mind in the week leading up to the due date. One reminder on the day before it’s due, as well as a reminder on the day of, is typically a good idea. 

However, some banks have cut-off times regarding payments and transfers. If you know that your bank does not process payments on weekend days, evenings, or holidays, you may want to set a reminder to make your loan payment several days before it is due. This way, your payment can be fully processed on time and won’t be late. 

Start Paying Attention to Your Spending Habits

Before you can start budgeting to stay on top of loan payments, it will help you first to assess your financial habits. Money can easily fall through the cracks each month and happens under the radar. Monthly subscriptions for services you no longer use, dining out, and making other unnecessary purchases can all cause you to live above your means. 

When it comes to paying off a loan properly, you likely aren’t going to be able to stay on top of payments if you aren’t paying attention to where your money is going. One way to start tracking your spending is to take a week or two to keep a log of your miscellaneous purchases.

Most phones have a convenient notes app where you can log information even while you’re on the go. Simply pull out your notes app whenever you’re making a purchase unrelated to necessary expenses (basic groceries, bills, gas, etc.) and log the purchase and its cost. 

Not only will this help you to figure out where your money is generally going, it will also help you to notice when you’re spending instead of just going through the motions. It’s sort of like training your brain to be aware of spending so that you can teach yourself to think twice before spending money so easily. 

Formulate a Budget for Yourself

Once you familiarize yourself with your spending habits and where most of your excess funds are going, you can start to budget that money for the better. Most people think that budgeting is a daunting thing. Of course, it can be if you don’t approach it correctly. 

However, tons of mobile apps are designed to help you make budgeting simple. Furthermore, if you don’t want to use an app for budgeting, create your own budget by using a budget worksheet or Excel spreadsheet. 

A basic budget plan should account for:

  • Your total monthly income
  • Your total monthly expenses - utility bills, rent, medical bills, etc. 
  • The amount of money that remains after you deduct your expenses from your income

The money you have remaining after you pay your necessary expenses is the money that you will budget. The first thing this money should go towards is a food budget. Food is essential, but you don’t have to spend a fortune on it. Set aside a portion of your spending money for food each week and try not to exceed it. 

Then, you’ll want to do the same for gas/transportation money if you use a vehicle or public transportation. You’ll also want to designate a portion of your budget to your savings. Having an emergency fund is essential, especially if you have debts to your name. 

Stay in Touch with Your Lender

Staying in touch with your lender on a regular basis is generally a good way to stay on top of payments. It’s easy to stay in touch with Simple Fast Loans, with several methods of support, including live chat, email, mail, and telephone service. 

This way, if you ever have a question about an upcoming payment or need assistance in paying on time, you can contact us. Being in contact with us will also keep your loan payments fresh on your mind. You’ll be more likely to remember to make your payments by thinking about your due date more often.

Make Use of EFT Payments

Another efficient way to stay on top of loan payments is to set up an EFT payment method on your loan account. Simple Fast Loans accepts EFT (Electronic Funds Transfer) payments for all of our loans. This method links your bank account information to us so that you can set up scheduled payments. 

As long as you have sufficient funds in your connected bank account, the payment is automatically withdrawn on your scheduled payment date. This is by far one of the most straightforward ways to stay on top of loan payments since you don’t even have to remember to pay manually. 

However, note that this method requires you always to have enough money in your bank account when the payment date comes around. It won’t work otherwise. 

Keep Records of Your Loan Payments

This is yet another way to reinforce the practice of healthy loan payments in your mind. You can create a routine out of loan payments by setting a reminder to pay, paying, and then saving an e-receipt of that payment. Over time, it becomes a little more second nature to make your loan payments at the same time every period. 

Keeping receipts of your loan payments is also helpful for your personal financial portfolio. If you ever need to dispute a loan rejection or show proof that you make payments on time, you’ll have records of it.


When it comes to paying off your loan, you need to be aware of your spending habits and capable of making payments on time. If you don’t stay on top of loan payments, you could end up with more debt, a poor credit score, and possible added fees. 

To keep track of your loan payments, make sure to track your spending habits, cut out unnecessary purchases, create a budget, and make reminders and schedules for your loan payments. 

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