The short answer is unfortunately not.
Any payments we receive from you follow a specific payment flow that moves towards your outstanding loan balance. We can't isolate one part of your loan when it comes to payments.
Here's how it works
You’ll notice three components in your statement: outstanding fees and charges, interest, and the outstanding principal balance. Every time you make a payment, we’ll follow the same process:
- We’ll use the money to pay off any outstanding fees or charges you might have. This includes late fee charges, but not your admin fee which comes later.
- If there is money left over, we’ll use that to pay off your interest.
- Finally, we’ll use any remaining repayment funds to pay off your outstanding principal amount – the amount of money you initially borrowed from us. This includes your admin fee.
It’s important to remember that if you begin paying back your outstanding principal amount, you’ll be able to pay off your loan quicker – as long as your monthly payments are on time!