By Jason Kaufman, District Manager – Milwaukee, Marine Credit Union
A simple interest loan may be perfect for your financial situation. Here are the facts:
- On a simple interest loan, the interest is added to your loan each day instead of each month.
- 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.
- 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.