Can I make an extra payment on my loan?

The quickest way to make an additional payment is by using the App or Online Banking.

 

Here are the steps to follow for the App:

1. Log in to the App

2. Tap on your ‘loan account’.

3. Tap ‘See payment options’

4. Tap ‘Make an additional repayment’.

5. On 'Additional payment' screen, enter an amount that is more than your monthly repayment

6. On 'Additional payment options' screen, you can decide either to reduce your loan term or reduce your monthly payments

7. If you then decide to make an additional payment, follow the on-screen instructions by using an internal account, an external account, or how to contact us for other ways to pay

 

Here are the steps to follow for Online Banking:

1. Log into Online Banking and you will see your Account Summary page

2. Next to your loan account, click 'Manage my loan'

3. On 'My loan' screen, click 'Make an additional repayment'

4. On 'Additional payment' screen, enter an amount that is more than your monthly repayment

5. On 'Additional payment options' screen, you can decide either to reduce your loan term or reduce your monthly payments

6. If you then decide to make an additional payment, follow the on-screen instructions by using an internal account, an external account, or how to contact us for other ways to pay

 

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.