Loan Cost
How to Lower the Total Cost of Your Loan
Line of Credit
With a Helix line of credit, you are in control. Here are three simple ways you can lower the total cost of your loan:
1. Only take out as much money as you need at any given time. You are only charged interest based on the amount of credit you have drawn, not on your approved credit limit.
2. Make more than the minimum payment. Even just a few extra dollars with each payment will lower the total amount of interest you end up paying.
3. Whenever possible, pay off your full balance. With no outstanding balance, no interest charges will accrue. (And you can still access your full line of credit whenever you need it again.)
Installment Loans
When looking at how much your Helix installment loan will cost, there are three important things to consider:
1. You only pay interest on your loan for as long as you need the money.
2. You can pay back your loan at any time without additional fees or penalties.
3. The earlier you pay back your loan, the less interest you pay.
With that flexibility, most customers with Helix installment loans end up paying off their loans well in advance of their full term, which significantly lowers the total cost.
If you’re not sure how long it will take you to pay back the loan but still want to reduce the amount of interest you end up paying, you can make additional payments any time. Even an extra $20 with each payment can decrease the amount of time it takes to pay off your loan and lower the total cost.
Questions? Concerns?
We know taking out a loan is a big decision, and we want to make sure you get a loan that really works for you. If you have questions, you can find answers to frequently asked questions and get helpful information through our Loan Sense blog.
Still have questions about Helix personal loans? Contact one of our friendly loan advisors.
Call: 800.619.5309
8am-5pm Central Time, Monday-Friday
Email: info@helixfi.com
Still have questions about Helix personal loans? Contact one of our friendly loan advisors.
Call: 800.619.5309
8am-5pm Central Time, Monday-Friday
Email: info@helixfi.com