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Co-op loan


karenc79
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Hi thereIf you pay a loan off early, is it right that lenders still charge you the interest as if you had had the loan full term? For instance, say I took out a £10k loan over 5 years. The interest for the 5 years would be £2500 making the total loan £12,500. If I pay this off say 3 years early, do I pay the full £2500 interest despite only paying the loan for 2 years?Does this happens and if so, are they allowed to do this? ThanksKaren

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Hi

 

If you pay a loan off early you get a rebate of the total interest shown on the agreement.

 

It basically means that you only pay interest for the time you have actually had the loan plus (possibly) a bit more under the early settlement rules.

 

The T&Cs of your agreement should set out the early settlement details.

 

Regards

 

ims

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