There are no origination fees and there are no penalties or fees for early repayment.
You can repay and settle your loan in full or make early payments at any time without any fees or costs.
- Full early payment: If you want to settle your loan before the end of the term, let us know so we can set up a settlement offer which will be valid for 28 days. The settlement amount will include interest calculated for 28 days up to the settlement date and this is the amount you must pay even if you pay before the settlement date. If you don’t pay before the settlement date, you’ll need to ask for a new settlement offer.
- Partial early payment: If you want to make a partial early payment, let us know how much and when you’ll be paying it. If you make a partial early payment before your first repayment date, we will reduce the amount of your monthly payments. If you make a partial early payment after your first repayment date, you can ask us to either reduce the amount of your monthly payments or to keep the amount of your monthly payments the same and settle your loan early.
If you settle your loan early in full, or you make partial early payments and continue paying your monthly payments, you will pay less interest over the lifetime of your loan, than if you just pay your contractual monthly payments until the end of your term.