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Pay off loan with savings or not?
Hello,
I have a loan which currently at £2700 and pay monthly repayments of £222 and the interest of £10-14 a month. I have about £7k in savings. Do I pay off the loan now or keep doing the monthly repayments of the loan, there is no charge to pay off early? I am worried about job security later on in the year hence thinking I should keep the savings in one place. Great to get some help on best to do! Thankyou!
I have a loan which currently at £2700 and pay monthly repayments of £222 and the interest of £10-14 a month. I have about £7k in savings. Do I pay off the loan now or keep doing the monthly repayments of the loan, there is no charge to pay off early? I am worried about job security later on in the year hence thinking I should keep the savings in one place. Great to get some help on best to do! Thankyou!
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Comments
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What's the rate on the loan?
What's the rate on the savings?
If the loan rate is higher pay off the debt.0 -
If you worry about job security, then that is, even more, reasons to pay off the loan right now. Not only it will save you on interest (I don't think that loans rated lower than savings exist outside of promo credit cards), but also simplify your financial picture.0
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And remember to pay the £222 a month back into your savings
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100% pay that loan off!0
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