Hi, I have 13 payments on one of my Monzo Flex purchases. Is it possible to pay up those 13 payments in one go, and if so would the interest rate be less. TIA
Press “Pay Early” and then it will show your next instalment. Press that, tap the figure and increase it however much you want.
And yes, this will reduce interest if you’ve set them for more than 3 months.
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thanks, isn’t the interest calculated by the number of payments left? let’s say i had 10 payments of £100 to pay £1000. was the interest was initially added to the £1000?
It’s a visual representation of the total value spend IF it was to run the full repayment plan.
Making additional payments reduces the interest charged, same applies to loans, visually front loaded but not fixed if you reduce the plan.
Interest charges shown are based on the tine to pay off. If you pay off early then the interest doesn’t get charged.