Can I repay my loan early? Are there any charges for early repayment?
You can repay the balance of your loan early or pay more than necessary, at any time, and we won’t charge you any fees for doing so.
Here are a few things to keep in mind if you're considering making extra loan payments:
- Paying more toward your loan will reduce its size and the amount of interest you pay, decreasing the total cost of your loan.
- Your loan terms will remain the same, meaning your monthly repayments will reduce as you pay more.
- If you have an upcoming repayment, you’ll need to wait a few days until that payment has been processed before you can make an extra one You can also repay your loan in full early without penalty.
Here are a few things to keep in mind regarding early repayment:
- If you have an upcoming repayment, you’ll need to wait a few days until that’s been processed before you can repay your loan in full
- The repayable amount will include the outstanding principle, interest up to the current day, any outstanding late fees (if applicable) and overdue repayments (if applicable).
- You can repay your loan early either by Direct Debit or by topping up your account with a card or funds transfer