Understanding loan repayments
Each loan repayment you make brings down your outstanding balance, helping you progress towards paying off your loan. We don't charge fees for early repayments.
Partial early loan repayment
Repayments made before the due date are applied to overdue interest, overdue principal, accrued interest, and the principal balance. This reduces the total cost of your loan over the contracted term. If you don't pay off the whole loan amount with an early payment, then that early payment won't skip your next scheduled repayment.
After making the payment, your loan balance will be updated in the app. Additionally, you'll receive a revised schedule with updated instalment details. To make an early payment, simply tap on 'Repay' through the Personal Loan section.
Full early loan repayment
You can do a loan settlement if you want to pay off your entire loan early. This means you'll clear the outstanding balance and any overdue amount (if there is any), along with any interest that's built up since your last payment. We do not charge any fees for paying off your loan early.
The outstanding balance includes the remaining loan amount plus any interest and taxes that have accumulated since your last payment. If you've missed any payments, the overdue balance includes those amounts too, as well as late fees.
Choose 'Pay off your loan in full' through the 'Personal Loans' section to complete the process.
Late repayment
If you don't make your repayment in time, the repayment will be overdue, and your loan may be in default. Your late repayments may accrue late payment interest and fees as shown in your loan contract.
If you are struggling with your repayments, please chat to us so we can discuss your available options.