Can I pay extra each month and will it lower my interest?

stush (1 year ago)

If my loan repayment is £100 per month and I would like to pay £125.00 how would that affect the loan/interest repayment.

FLM Loans (10 mths ago)

You will always have to pay the set amount each month, on the date you arranged. You can however log in to your personal online page and pay extra by card. The more you pay, the quicker the loan will be paid off because you will be reducing more of the overall balance.

 

If you're going to do this, just make sure you're not leaving yourself short. The last thing either of us wants is for you to make your situation worse and end up missing a payment. But by all means, if you're comfortable paying extra, it's not a problem.

Comments (10)

tashg (1 year ago)

hi
if i was to pay a extra payment each month on top of my normal amount would it lower my interest ?

FLM Loans (1 year ago)

Hi there,

If you make extra payments on top of your normal monthly payment then in turn this will lower your balance and reduce the amount of interst added each month.

Hope this helps

Jane (12 mths ago)

If i choose to make extra payments can this be on an adhoc basis (ie when I have a bit of spare cash) rather than a set extra amount each month?

FLM Loans (12 mths ago)

You can make extra payments whenever you like in addition to your monthly payment. This will reduce your balance further and so reduce the overall interest added to the loan.

mark.s (11 mths ago)

I payed my loan amount early for the month of may as were going on holiday next month and was trying to clear the debts out the way before we go. Am i still liable to paying my monthly amount on its due date?

FLM Loans (11 mths ago)

if you have paid early, your account will be in credit. On your payment date we will use the amount you're in credit by as your monthly payment so we will not try again to collect it. This only applies to those customers who pay by debit card only - not by Direct Debit.

yacine (11 mths ago)

hi
if i want to clear off all my balance in one go do i have to pay interest ???

FLM Loans (11 mths ago)

No, when you settle your loan early you only need to pay what's left on the current balance. We don't add any extra interest or charges before you pay it off.

Taffy (8 mths ago)

Please can you tell me Why does the Interest increase each month instead of decreasing which I thought Should happen ?

FLM Loans (8 mths ago)

With an FLM Loan, the interest is accrued daily and added on each month on the day your payment is due. You may notice that the amount of interest added each month varies, this is normally due to the number of days in each month being different.

At the beginning of your loan you may not notice a dramatic decrease in your balance. This is just because you haven’t made a large number of payments yet and so the balance is still quite high, and so the interest being added each month is still quite high. As your loan progresses further and your balance decreases more, the interest added each month will decrease.

Hope this explains things!


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