Can I make overpayments?

app (1 year ago)

If i was to apply for £3000 loan, can you pay more off when you can or is it a fixed repayment plan for 'x' months?

FLM Loans (5 mths ago)

Yes, if you were to pay extra each month it would mean that your FLM loan would finish early. If you want to make that extra payment, you will have to do that with your debit or credit card online. FLM cannot increase your direct debit to that amount.

 

Log in to find out what your remaining balance is.  It will be shown as 'Left to pay'.

Comments (2)

Sophie (2 mths ago)

Hi.will I get a reduction if I pay my Loan back early.thankyou

FLM Loans (2 mths ago)

Hi Sophie,

If you pay off the loan early, you won't get a reduction from your current balance, but you will have the interest that would be accrued for the rest of the loan term written off. As your interest is accrued dalily and added to your balance on the due date every month, if you settle your loan early, the interest that would be added in the months after the settlement wouldn't get added, which is effectively a reduction of the amount you pay to settle the loan.

Thanks


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