Improving the way you repay loans
We’ve been testing loans with a few hundred people, and we’ve already got lots of useful feedback. We’ve been using it to improve the experience if you want to repay your loan early. If you start testing loans now, you’ll see the improvements already.
We’ve made early repayments more flexible
In the first version of loans, when you made an early repayment we took it off the end of your loan. So you’d still have to make your upcoming payments as usual, we’d just remove the amount you paid early from your final payment.
But people told us they wanted more flexibility, so early repayments could lower all their future payments, or replace their next payment (not their final one). We’ve added those options into the next versions of loans.
We show you how repaying early affects your interest and future payments
We didn’t show you how early repayments affect the amount of interest you’ll pay overall, or the size of any future payments.
Instead, we now show you how making an early repayment has changed your upcoming payments and reduced the amount of interest you’ll pay.
We’ll remind you when we’re going to take a repayment
Because we take repayments out of your account automatically, you told us reminders would help you prepare and make sure there’s enough money to cover the payment.
We now show you tomorrow’s repayment at the top of your transaction feed. And if you don’t have enough money in your account to cover the repayment, we’ll send you a notification to remind you and let you know how much you need to add.
When you miss a payment, we make it clear how you can get back on track
If you missed a payment in the past, you weren’t sure what to do to get back on track.
Now, if you don’t have enough money in your account and your payment’s declined, you can tap a button to see how much you need to add to your account and make the repayment late. And we’ll tell you how much extra interest you’ll pay for missing a payment.
Stay tuned for updates!