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What happens if I want to make an overpayment on my loan?

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TitleWhat happens if I want to make an overpayment on my loan?
Answer

You can make overpayments, to reduce the interest you pay on your loan by following these simple steps.

  • Log in to your account
  • Click ‘Manage’
  • Use the 'Make an overpayment' section to make your monthly payment
  • Choose whether you’d like the overpayment to reduce your loan term or monthly repayment amount by ticking one of the following options:
    • ‘I would like to keep my monthly payment the same and reduce my loan term’
    • ‘I would like to reduce my monthly repayment and keep my loan term the same’

 Once you've made your payment, your account will be updated within a few days. The good news is that at LiveLend we don't charge you for making overpayments, or for repaying your loan early. So you save interest and pay your loan off quicker.

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