Does it insinuate being completely paid? Or is it a lower amount that must be paid at a certain time? Im either confused or someone is trying to fuck me over.
In: Economics
A payoff is paying the entire balance.
A payment is what you’d pay on a per-month basis. There’s usually a minimum but you can pay extra if you want to pay it off quicker.
If someone is offering to pay off your loan they’re trying to:
1. Be very generous
2. Fool you and take your money
3. Or they’ll pay the balance as it stands and then you pay them as part of a new loan. If they offer to charge less interest then you might save money on a per month basis it just depends on the terms.
If you want specific advice I’d suggest telling the folks at /r/personalfinance and they can help you figure out what’s going on. But we all need more detail.
Latest Answers