Loans and interest

looking at taking out a loan just wondering if I was to pay it back quicker than usual would I save interest or would I still need to pay the interest

You would save Interest the more you pay early

1 Like

Hey There!

The interest on our loans are charged daily so the more you pay back, the less interest you’ll pay on the overall balance!

1 Like

I have often wondered if you pay your monthly repayment early, do you also save interest or is it calculated differently to an extra payment?

Save interest. It shows you how much your next payments will reduce by if you pay early too.

1 Like

Same with mortgages in the UK, interest is charged daily, so any early payment saves interest too.