The quicker you pay off your loan, the less you have to pay because your repayments are reducing your capital as well as paying interest. Since the interest you have to pay is calculated on the amount of capital you have, less capital means there will be less interest.
If your loan requires monthly repayments, you may be able to divide this in half and pay it fortnightly rather than monthly if you are allowed. This means that at the end of the year you have actually repaid thirteen months, rather than twelve, due to those months that have five weeks instead of four.
Paying fortnightly also reduces the amount of interest due in some cases. But very often the terms of the loan state that interest will be computed monthly, so while you are paying off more quickly through making that extra monthly payment per year, you are not saving on the amount of interest you have to pay.
You can also make one or more extra repayments in the form of a lump sum. But take care that this is allowed in your contract. In some cases paying it off more quickly may attract a fee.
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