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Early Repayment Charges
Paying off a loan early
Why make an early loan repayment?
If you find you have a bit more money in your account you might decide to repay your loan early.
This could mean you end up paying back less in interest in the long term.
Early Repayment Charges
The cost of the early repayment charge (ERC) depends on how long you’ve got left to pay off your loan:
- Is there a year, or more, left on your loan? You’ll pay 58 days’ interest as an ERC.
- More than 28 days left on your loan? You’ll pay 28 days’ interest as an ERC.
- Less than 28 days left on your loan? We’ll calculate your interest based on the exact number of days left. So, if you’ve got 12 days left on your loan, you’ll pay 12 days’ interest.
Want an idea of what an ERC could cost?
Let’s say you borrowed £10,000 for 5 years, paying 6.6% interest, and you want to pay off all your loan 2.5 years early. The ERC would be £53.28.
You’d pay the ERC on top of the loan and interest you still owe.
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Request your early settlement quote
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Simply click on the link below
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Fill out the short form with your details
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We'll be in touch within a few days with your final amount due as well as the next steps to making your final payment. You can select to receive this information by email, text or both.