Can the loan be paid off early?

FLM Loans (1 year 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.

FLM Loans (1 year 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.

FLM Loans (1 year 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.

FLM Loans (1 year 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.

FLM Loans (1 year 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.

FLM Loans (10 mths ago)

Hi there,

If you were looking to settle your loan then yes the amount you would be paying would be whatever the figure is on the remaining balance. This figure includes no further interest that would have been added should you keep the loan for the full term.

We don't charge settlement fees for you settling the loan, you pay just the loan itself, no extra interest or charges.

Hope this helps

FLM Loans (10 mths ago)

Hi there,

If you paid your loan off early you would only have to pay whatever was left on the balance at that time. The balance does not include any extra interest as we add our interest monthly. This means that you don't have to pay the full interest as if you'd kept the loan for the full 48 months. So you're saving yourself quite a few years worth of interest, with no early settlement penalties.

Hope this helps

FLM Loans (10 mths ago)

The remaining balance on your online account is the figure we would give you if you asked us on the phone how much you have left to pay.

When you want to make a payment of the rest of your balance, this is the figure you would need to pay to settle your loan.

FLM Loans (10 mths ago)

If you pay a large chunk off your balance, then the interest that will be applied will be a lot lower because your balance is a lot lower.

FLM Loans (10 mths ago)

That's a difficult question to answer, without having to calculate two months worth of interest (this of course depends on how many days are in these two months.) The easiest thing to tell you would be that whatever you balance would be at that time, you only have to pay that - no added interest or charges.

FLM Loans (9 mths ago)

Hi there, bear in mind that each month you're not just knocking £180.66 each month off the balance, each month you make a payment, interest gets added back on to the balance. (This will be shown on your statement) The interest that's added will be quite high at the beginning of the loan because your balance is high, but this will steadily decrease the more payments you make and as your loan progresses.

FLM Loans (4 mths ago)

Hi Vicki181,

If you payment is made early, your account would be in credit when we attempted to take your Direct Debit, so if that bounced, the account would still be up to date and we wouldn't need to contact your Guarantor.

Thanks,

FLM Loans.

FLM Loans (4 mths ago)

Hi Lara, the monthly repayment will always remain the same at £161.00 per month.

Unlike most lenders we don’t add all the interest on at the beginning of the loan. Interest is accrued daily, which means if you decide to pay off a chunk of your loan or settle the loan early, you won't have to pay any extra interest. :)

FLM Loans (3 mths ago)

Hi mark 196,

Your settlement figure always equals to your oustanding balance at the time of your settlement payment. So you can log in to your account on our website and view your current balance, which would be how much you need to pay to settle the loan.

We don’t add any early settlement charges to your loan, and even though you’re not keeping your loan for the full term, we don’t add any extra interest that would have accrued over the rest of your loan term – you simply just pay off the balance.

The quickest and easiest way to pay off your loan is to log in to your personal online account at www.flmloans.co.uk and make a payment with your Debit or Credit card.

Thanks

FLM Loans (2 mths ago)

Hi Simplybasic 123,

The easiest way to find out how much you need to pay to settle the loan is to check online, because your settlement figure always equals to your outstanding balance at the time when you make the final payment.

Your current balance would be the amount you orginally borrowed plus all interest accrued so far minus all repayments made. As your interest is accrued daily and added to your balance on the due date every month, when you pay off the balance to settle the loan early, you won't be paying any interest that would occur for the rest of the loan term, you just simply pay the interest that has occurred plus what is left on the amount you originally borrowed.

Hope this helps.

Thanks