Can the loan be paid off early? - FLM Loans Answer Centre

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Can the loan be paid off early?

by Ali3n on Fri Apr 09th, 2010 11:20 am

I only need my loan for a short period am I going to have to pay any extra?

by Jon Newman last updated 28 days ago.

You can pay your loan off early and you won't be charged a penny for this privilege. We lend money to people who need our help in difficult times; if you're paying it back early that means we've done our job.

The interest is accrued daily as the loan ticks by. You only pay back what's owed once you're ready to settle.

It's up to you how you pay it off, you can log in and do it online with a card or you can do it at a paypoint station. To find your nearest paypoint station, log in and use the paypoint station finder at the top of your page.

If you are planning on paying back your loan fully within the first 14 days, Click Here

Comments

by rodeochic103 126 days ago.

Hi, i think im a little confused....

I see that there is no early settlement fee. So i have been accepted for a £3000 loan over a couple of years (its around £150 per month with a total of around £5000 repayable) so if i paid it off in october would i have to pay the £5000 total?

by Roxane Tizzard 126 days ago.

Hi Rodeochic103, that's right there are no early settlement fee's. If you paid it off early you wouldn't have to pay the total £5000. We charge interest by the day, we don't add it all on. You would only pay off the amount owed plus any income built up over that time. Hope that helps.

by richie41 122 days ago.

i have a loan of £1000 over three years , i have made only one payment so far , if i paid it off tommorrow how much would i have to pay over the £1000 i borrowed.

by Roxane Tizzard 122 days ago.

If you were to pay the total balance off before your due date, you would only have to pay what you have outstanding with no extra payments or early settlement fees.

by katy 114 days ago.

i have 1924 left to pay it says if i settle today can i pay say £1000 to it today and the rest in a few weeks? thanks

by Jon Newman 114 days ago.

It's completely up to you how much you pay off. Just make sure you're aware that if you're a direct debit payer, the payment will still be attempted.

by berry32 69 days ago.

Im wanting to see if i can pay my loan off early as im pregnant and baby due very soon and i dont want the loan hanging over me. I have £2395.20 left to pay so would i have to pay that amount or do you take the interest off that and then just pay whats left. sorry if it seems the same as other questions but im a little confused about it.
many thanks

by Roxane Tizzard 69 days ago.

As Jon mentioned in the top post, the interest is accrued daily. When you come to settle your loan, you will pay any interest up to that point.

Unlike other lenders we don't charge any early settlement fees.

by lou2 63 days ago.

if i take a loan of 3000 over three years for £137.46 a month and pay £200 or £250 instead per month will my loan be paid off sooner ?

by Jon Newman 63 days ago.

Yes, if you were to pay extra each month it would mean that your 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. We cannot increase your direct debit to that amount.

by Dinamm 61 days ago.

I am happy to hear that I have a choice to pay before being charged longger

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