In recent years, as the demand for life has risen, so has the level of consumer borrowing. Smallness is widely welcomed among the many credit products. However, would it be cost-effective to repay small loans earlier? Let's check it out。

A small early payment

An analysis of the interest aspect shows that, as a rule, there is a preference for early repayment over mortgage repayment. This is due to the fact that the bank wishes to recover the principal of the loan in advance, and a certain interest rate discount is given to the borrower. However, the absence of an explicit reference to early repayments in the preferential policies of small-scale loan agreements does not allow us to determine whether early repayments are necessarily favourable。

However, from the point of view of personal credit records, early repayment would undoubtedly be beneficial. When borrowers repay their loans early, their credit ratings will be increased, which will help to enhance personal credit. Conversely, if lenders delay repayment or default, this may negatively affect their credit records。

When considering early repayment of loans, consumers need to undertake a comprehensive assessment of their economic situation. If economic pressure is high, early repayment may have irreversible effects on the quality of life and may even affect the standard of living of families. Consumers therefore need to make a rigorous assessment of their economic situation before making early payments for their decisions。

HOW TO REPAY SMALL LOANS IN ADVANCE? IN ORDER TO REPAY THE LOAN IN FULL AND IN ADVANCE, IT IS ONLY NECESSARY TO FIND ITS OWN LOAN AT THE USER CENTRE OF THE SMALL APP, CHOOSE THE OPTION OF EARLY REPAYMENT AND OPERATE. IT SHOULD BE NOTED, HOWEVER, THAT IN THE CASE OF A LOAN-AND-REIMBURSEMENT MODEL, AN ADVANCE PAYMENT WOULD ONLY BE REQUIRED TO PAY INTEREST ON THE DAYS ACTUALLY USED; IN THE CASE OF A PAYMENT ON SCHEDULE, THE ADVANCE PAYMENT WOULD HAVE TO PAY THE FULL INTEREST FOR THE CURRENT PERIOD AND A PERCENTAGE OF THE LIQUIDATED MONEY, IN ADDITION TO THE REMAINING PRINCIPAL. PLEASE REFER TO THE DISPLAY ON THE REPAYMENT PAGE, WHICH INDICATES THE SPECIFIC COST。

Important tips: After a successful loan of a small size, it was not possible to carry out early repayments on that day, and it was necessary to wait at least until the next day before applying for early repayments。