How much will it cost to settle my loan and close it early?
The quickest way to find out how much it will cost to settle and close your loan early is via the mobile App.
- Download and log in to the App
- Click on loan account
- Click pay my loan ‘See Payment options’
- Click ‘Repay in full’
- Your Settlement quote including any early repayment fees will be shown in the journey (you will be able to download a PDF).
- If you then decide to pay off your loan, you can do so by following the on-screen instructions.
It’s important to remember that if you repay your loan early, you will be charged an Early Repayment Fee.
The amount you will be charged will be equal to 58 days’ interest on the amount you repay early (28 days’ interest if the period of the Loan is one year or less). If there is less than 58 days (or 28 days if applicable) remaining on the loan, the calculation will be based on the actual number of days remaining. This is in addition to your outstanding loan amount and any outstanding interest.
