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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?

If you’re thinking about closing your loan early, it’s important that you get an early settlement quote first. You can get a quote by: 

  • Logging into your account
  • Click Manage
  • Scroll down to the Close your loan section
  • Click Calculate my settlement

You’ll be given a quote which includes 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 amount of interest you pay.

Your early settlement quote will be valid for 30 days. 

If you get a quote to settle your loan, and your next repayment is due within the next three working days, we won’t be able to cancel your Direct Debit in time. So, if you were to settle your loan you’d effectively overpay your account. Don’t worry - we’ll refund any overpayments within 10 days. If you’d prefer this not to happen, we recommend waiting until 10 days after your next repayment due date to allow for this payment to clear before requesting your early settlement quote. 

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