Debt Consolidation

How do you pay off an EasyFinancial loan faster?

With interest rates as high as 46% it's imperative that you pay off your EasyFinancial loan ASAP.
Bruce Hodges
October 3, 2023
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Table of Contents

How do you pay off an EasyFinancial loan faster?

Are you currently burdened by an EasyFinancial loan, desperately searching for a way to alleviate the financial strain and regain control over your life? Look no further! In this article, we will guide you through some practical strategies on how to pay off an EasyFinancial loan faster, ensuring that you can breathe easier and achieve financial freedom sooner than anticipated. With our caring voice and expert advice, get ready to embark on a journey towards a debt-free future.

Create a Budget: Taking control of your finances

Assess Your Income and Expenses

  1. Start by evaluating how much money is coming in each month, including your salary, any additional sources of income, and government benefits.
  2. Next, add up all of your monthly expenses such as rent or mortgage payments, utility bills, groceries, transportation costs, and debt repayments.
  3. Subtract your total expenses from your income to determine how much disposable income you have left over to put towards paying off your EasyFinancial loan faster.

Prioritize Loan Repayments

  1. Make paying off your EasyFinancial loan a top priority when creating your budget.
  2. Allocate a specific amount each month towards the repayment of this loan before allocating funds for other non-essential expenses.
  3. Consider using any extra money like bonuses or tax refunds to make larger-than-required payments on the principal amount.

Cut Back on Non-Essentials

  1. Reduce unnecessary spending by cutting back on non-essential items such as dining out at restaurants or expensive coffee shop purchases.
  2. Track every expenditure meticulously so that you can identify areas where you can tighten the belt further.

Prioritize Your Payments: Which debts should you pay off first?

When tackling your EasyFinancial loan, it's important to prioritize which debts to pay off first. Here are a few guidelines to help you make the best financial choices:

  1. Start with high-interest debt: Begin by paying off any loans or credit cards with the highest interest rates. By eliminating these high-cost debts first, you'll save money in the long run.
  2. Focus on past-due accounts: If you have any overdue bills or accounts in collections, prioritize those as well. Late fees and penalties can quickly add up, further burdening your finances.
  3. Consider secured loans before unsecured ones: Secured loans are tied to collateral like a car or home, while unsecured loans rely solely on creditworthiness. It is generally wise to tackle secured loans first since they may pose more risk if left unpaid.

Remember that making consistent payments towards all of your debts is essential for maintaining good credit health and reducing unnecessary stress.

Cut Back on Expenses: Simple tips to save money and accelerate your loan repayment

Paying off an EasyFinancial loan faster becomes easier when you cut back on unnecessary expenses. Here are some simple yet effective strategies that can help you save money:

  • Create a budget: Start by tracking your monthly income and expenses. Categorize your spending into fixed costs (such as rent or mortgage) and variable costs (like dining out or entertainment). Identify areas where you can reduce or eliminate unnecessary expenses.
  • Cook at home: Eating out is convenient, but it can quickly eat away at your budget. Save money by preparing meals at home. Not only will this help you cut back on expenses, but it also allows for healthier eating habits.
  • Cancel subscriptions: Evaluate all the subscriptions you have – be it streaming services, gym memberships, or magazine subscriptions – and consider canceling those that aren't essential. Redirecting these funds towards your loan repayment will make a significant impact.

By implementing these simple tips, saving money becomes easier, allowing you to allocate more funds towards paying off your EasyFinancial loan faster. Remember that every dollar saved counts!

Increase Your Income: Creative ways to boost your earnings and pay off your loan faster

Looking for additional ways to accelerate the repayment of your EasyFinancial loan? Consider these strategies:

  1. Take on a side gig: Find opportunities to earn extra income outside of your regular job, such as freelancing, tutoring, or pet sitting.
  2. Explore online platforms: From selling handmade crafts on Etsy to offering virtual services on Fiverr, the internet provides numerous avenues for earning extra money.
  3. Monetize a hobby: If you have a talent or passion that could be turned into profit – whether it's photography, baking, or graphic design – consider monetizing it.

Remember that every little bit counts when it comes to paying off your loan faster. By increasing your income through these creative methods, you'll not only generate more funds but also gain a sense of empowerment as you take control of your financial future.

Negotiate Lower Interest Rates: How to approach EasyFinancial for better loan terms

Negotiate Lower Interest Rates: How to approach EasyFinancial for better loan terms

Determine your eligibility

Before approaching EasyFinancial, assess your financial situation and determine if you are eligible for a lower interest rate. Factors such as credit score, income stability, and payment history will play a role in their decision.

Prepare supporting documents

Gather necessary documentation like pay stubs, bank statements, and any other paperwork that demonstrates your ability to handle a lower interest rate. This will show EasyFinancial that you are serious about negotiating better loan terms.

Communicate openly with Easy Financial

When reaching out to EasyFinancial, clearly articulate your reasons why you believe you deserve better loan terms. Stay calm and confident during the conversation while expressing any hardships or changes in circumstances which may warrant a reduction in interest rates.

Be prepared for negotiation

During the negotiation process with EasyFinancial's representative, be ready to provide additional information or address any concerns they raise. Make sure to highlight positive aspects of your financial profile that would make lowering the interest rate beneficial not just to yourself but also them as creditors.

By following these steps and maintaining an open dialogue with Easy Financial, there is potential for obtaining more favorable loan terms that can help accelerate paying off your debt faster.

Consider Debt Consolidation through Parachute

If you have multiple loans with high interest rates, debt consolidation may be a good option for faster repayment. This involves combining all of your existing loans into one single loan with a lower interest rate. By doing so, you can reduce the amount of interest you pay overall and potentially save money in the long run. Parachute consistently consolidates high interest loans issued by EasyFinancial. We consolidate your loan, giving you a lower payment and cash back.

Key Points:

  • Lower interest rates
  • Simplified payment process
  • Potential savings on total amount repaid
  • Cashback
  • Finish in a better place than where you start

Click here to consolidate your EasyFinancial Debt!

Utilize Windfalls and Extra Income: Maximizing unexpected cash to pay down your loan

When unexpected money comes your way, make the most of it by putting it towards paying off your EasyFinancial loan faster. Whether it's a tax refund, a work bonus, or an inheritance, these windfalls can be powerful tools in reducing your debt burden.

  1. Make a plan: Before splurging on that dream vacation or new gadget, take some time to evaluate how much of the windfall you can allocate towards paying off your loan. Creating a budget will help you prioritize where this extra income should go and keep you accountable for sticking to your repayment goals.
  2. Consider making lump-sum payments: Instead of using the entire windfall amount at once, break it up into smaller chunks and apply them regularly as additional payments towards your loan principal. This approach helps reduce both interest charges and the overall duration of your loan.
  3. Explore passive income opportunities: If you have spare time or resources available, consider exploring side hustles or passive income streams that can generate extra cash. By diverting this additional income directly toward paying down your EasyFinancial loan faster, you'll chip away at the outstanding balance quicker than expected.

Remember that every little bit counts when it comes to repaying debt – even small amounts from occasional windfalls like rebates or gifts can add up over time! Stay committed to maintaining healthy financial habits by keeping expenses low and continually looking for ways to utilize any extra earnings toward achieving early freedom from debts like an EasyFinancial loan.

Stay Motivated: Strategies to stay on track and maintain your momentum towards financial freedom

  • Set clear goals: Define specific, achievable milestones that will keep you motivated throughout your loan repayment journey. Whether it's paying off a certain amount each month or reaching a target balance by a particular date, having tangible targets can help you stay focused.
  • Celebrate small wins: Acknowledge and celebrate every milestone along the way. This could be as simple as treating yourself to something small when you make an extra payment or reach a savings goal. Recognizing these achievements will reinforce your progress and boost your motivation.
  • Find support systems: Surround yourself with individuals who understand your financial goals and can offer encouragement and accountability. Seek out friends, family members, or even online communities where you can share experiences, exchange money-saving tips, and receive advice during challenging times.
  • Remind yourself of the benefits: Regularly remind yourself why paying off your EasyFinancial loan faster is important to you. Visualize the future financial freedom this effort will bring – whether it's being debt-free sooner, saving for a dream vacation, or having more disposable income for other goals.

Remember that staying motivated is key in achieving any financial goal – think about what drives you personally toward success and actively incorporate those motivators into your daily life while working towards becoming debt-free!

Bruce Hodges
Bruce, Founder and CEO of Parachute, worked for several of Canada’s top Banks, published research for the Canadian Bankers Association, and taught E-commerce Strategy in Wilfrid Laurier University’s MBA program. His first start-up built credit solutions for the likes of National Bank, Fair Isaac, and Ford Credit globally. Prior to starting Parachute, Bruce was COO of Foresters Financial, and EVP Transformation at CIBC, one of Canada’s top 5 banks. Bruce founded Parachute to disrupt the financial wellness space taking on payday, and high interest predatory lenders, with the intent to bring at risk Canadians back from the brink to good financial health.
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