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What happens if I want to close my loan early?

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TitleWhat happens if I want to close my loan early?
Answer

If you're thinking about closing your loan early, it’s important that you get a quote first so that we can calculate the total settlement amount required to fully close your loan. 

You can get a quote by simply following the steps below.

  • Log in to your account
  • Click Manage
  • Scroll down to the Close your loan section
  • Click Calculate my settlement

You’ll be given a quote which is your latest balance, plus any daily interest due to be applied. There are no fees to close your loan early and closing your loan early will reduce the interest you pay.

Your quote will be valid for 30 days. 

If you get a quote to settle your loan and your loan repayment is due in the next three working days or less, we won't be able to cancel your Direct Debit in time. So, if you were to settle your loan, your regular repayment will be taken as usual and we'll refund the money back to you within 10 days. If you'd prefer this not to happen, you can always wait and request an early settlement quote straight after your monthly repayment has left your bank.

If your monthly repayment is already due but you haven’t made this payment, we’ll assume you’re still going to make this payment as usual, so it won’t be included in the settlement quote. This means if you go ahead and settle your loan before making this month’s repayment, you’ll still need to make one final payment to fully close your loan. If you’d prefer this not to happen, we recommend you wait and request an early settlement quote at least eight days after your last repayment has been made.

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