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  4. Do lenders allow you to make extra payments?

Do lenders allow you to make extra payments?

Most lenders will allow you to make 💷

  • Extra payments
  • Top-up payments
  • Catch up payments
  • Settle late payments

Though different lenders have different policies on this.

  • For example with one lender you can make “an overpayment of up to three times your contractual monthly payment, without any penalty or charge”.

If you think that making extra payments or early repayments is something that you might want to do, make sure that you

  • Address this with your lender before you take out the loan.
  • They will be happy to give you the information and tell you how to make the extra payments.

Paying your loan off quicker will reduce the amount of interest that you pay and could also look good on your credit file.

 


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