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Simple Interest Loans 101

couple looking at statements

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.

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