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Oakam Bonus loan


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Happy new year all. I took out a bonus loan with this company and I am in a position whrre I can now settle my loan early. Can anyone advise me if I would be entitled to a reduction in the interest payable for doing so? The bonus loan offers one payment back for every payment made on time every six payments. I currently pay 45.00 per week over 52 weeks. I have paid 10 weeks so far. I do not see why I should pay the full amount for paying early.

 

Any advice please

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Hi

There is nothing on the website regarding early repayment. What do the terms and conditions of the loan say?

 

If you cannot find anything, I would suggest emailing them and ask for a settlement figure.

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I remember that same situation with Oakam. It seems crazy that with even just a quarter of the loan period gone. It works out more expensive to settle in full than to pay the installments on the due date full the full duration of the loan period.

 

The fact that they give you a rebate of 1 payment after every 6 payments are made contributes to the situation. I would like to know if what they are doing is fair.

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