Repay my loan earlier
Early repayment
You can repay your monthly repayment early in the Revolut app. Any early payment first covers accrued interest and your scheduled monthly repayment, then reduces the principal balance. This will lower the total cost of borrowing as you'll be repaying some of your balance earlier than expected.
Partial loan repayment
After your scheduled monthly repayment is covered, any extra payment reduces your principal. You can choose to reduce your monthly payments or shorten your loan term.
Reducing monthly payments gives you more room in your budget but keeps the original end date. Reducing the term ends the loan sooner and saves more interest overall than reducing your monthly payments.
Full loan repayment
You can settle your loan at any time by paying the outstanding balance and interest accrued since your last repayment. We don’t charge a fee for repaying early.