24 Hour Loans glossary of financial terms

Biweekly Loan

A biweekly loan works in much the same way as any other loan in that you arrange to borrow money, you will be charged interest on your borrowings and then you will have to make regular repayments to pay off what you owe. However, unlike standard loan products, you won?t be making a monthly repayment with this kind of loan. If you choose a biweekly loan product then your repayments will become due every two weeks rather than once a month.

In most cases, your biweekly payments will be about half the sum that you would make for a standard monthly payment. This kind of payment method can be helpful and effective in that it can cut down on the interest that is charged to your loan account and can also shorten the life of a loan. For this reason a biweekly loan option is often the preferred choice for mortgage customers.