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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

You can get a quote to close your loan at any point online. Simply follow the steps below:

Log in to your account
Click 'Manage'
Click 'Close my loan'

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 settle your loan and your loan repayment is due in the next 3 working days or less, we won't be able to cancel your Direct Debit in time. This means that your regular repayment will be taken as usual, after you've settled, but we'll refund the money back to you as soon as we can.

If you'd prefer this not to happen, you can always request an early settlement quote straight after your monthly repayment has left your bank so you can avoid settling your loan right right before your next repayment is due.

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