Simple Interest Loans 101

By Jason Kaufman, District Manager – Milwaukee, Marine Credit Union

A simple interest loan may be perfect for your financial situation. Here are the facts:

  1. On a simple interest loan, the interest is added to your loan each day instead of each month.
  2. The more times you pay towards your loan in a month, the more of a reduction in your principal interest, the faster you pay off the loan.
  3. However, if you do not pay your monthly payments on time, you won’t be able to pay off the loan in the timeframe you signed for.

Related Posts

March 4, 2020

Tax Refund Season is here!

By Michael Barnhardt, District Manager, Marine Credit Union In just a few weeks (or less), approximately 11 million Americans will be receiving a tax refund.…

Read More
February 19, 2020

NOW Is The Time: Plan Ahead for Next Holiday Season

By Jason Kaufman, District Manager, Marine Credit Union Why wait to start planning ahead for those inevitable financial burdens that seem to come up every…

Read More
November 13, 2019

8 Tips to Help Protect Your Accounts from Fraud

By Marie MacGlashin, Director of Deposit Operations, Marine Credit Union As we roll into the holiday season, it’s important to consistently monitor your accounts for…

Read More