Best Way to Pay off Personal Loan?

[jbusta]

Hi guys,

I recently got approved for a loan up to $500 for 6months at 11.9%

If you guys could tell me the best possible way to pay off the loan, that would be great.

Such as paying the least amount of interest, and obtaining the maximum points toward my credit score?

The reason I am starting low, is because I was denied for a higher loan a few months back. After this loan, i plan on getting a higher loan, and a secured credit card, then auto loan, normal credit cards, etc...

Thanks in advance.

Edit: I have no negatives I believe, no existing debt at all. Just low scores because of "young credit history"

[ShortBus]

month 1: $250

month 2: $125

month 3: $31.25

month 4: $31.25

month 5: $31.25

month 6: $31.25

I'm just repeating what others have said, so don't ask why though.

[jq26]

I'm just repeating what others have said, so don't ask why though.

Correct, if you can do that. Front loading payments reduces interest that you will pay. The only thing is, making too many payments early on may not give you the option to have the loan go full term (depending on how your lender applies your payments). Quite honestly, it is a modest amount of money for a short term, so even if you didn't front load your payments and stuck to your payment schedule, then you'd only pay about $20 in interest anyway.

Make sure they report to CRAs!

[jbusta]

Thanks a lot guys, I appreciate it. I'm going to do exactly that.