Can I repay my loan early? Are there any charges for early repayment?
You won't be charged any fees for making a partial or full early repayment.
Partial early loan repayment:
You can make a partial early repayment (paying more toward your loan outside of scheduled repayments) at any time. When you make a partial early repayment:
- Your loan balance will reduce and you'll pay less in interest charges.
- Your loan term will stay the same, meaning that your monthly repayments will be reduced.
You can make a partial early repayment or a full early repayment by going to the account selector on the home screen and selecting the loan you want to manage, and tapping on 'Repay'.
Full early loan payout:
You can make a full early repayment at any time. This allows you to pay off the entire outstanding loan amount to exit the loan contract early. When you make a full early repayment, you'll need to pay the outstanding loan balance (the principal debt), interest up to and on the day you make the full early repayment, and any fees or overdue repayments you owe us (if applicable).
It’s important to make sure your final loan repayment is for the correct amount. You can obtain the exact pay out figure at any time by going to the loan you want to manage, tapping on 'Repay', and then selecting 'Pay off your loan in full'.
The amount required to pay out the loan contract may change according to the date on which it's paid. We always recommend that you check the payout figure in-app on the day that you intend to pay out the loan to ensure you pay the correct amount.