FAQs*

What happens if I want to repay the loan early?

If you decide you can pay your secured loan back earlier than the term than you originally agreed, all you need do is contact your Lender and they will arrange for the most convenient way for you to settle any outstanding payments. You can do this at any time during the period of the loan.

You should ask your lender for what is called a 'redemption' or settlement statement. This will tell you how much you will have to pay to settle any outstanding amount. The lender will not (unless you have a short term to run) make you pay the full interest due over the remainder of the loan period. They may require you to repay part of that interest.

The method of calculating the final amount payable can vary between lenders. The consumer credit act stipulates a calculation that determines the maximum amount to be paid in such cases.

*Nothing in these FAQs constitutes advice and is intended for general information purposes only. For qualified advice, please speak with UK Personal Loans Limited 08000 196 777.