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Loan Early Repayment Charges


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Hi folks. My wife and I have adverse credit score and therefore our options to borrow are limited. We have been offered a secured loan for £9,600 which we need for house repairs. There are £750 of broker fees meaning we borrow £10,350 and the rate is 17.4% meaning monthly payments of 134.76 for 240 months. The form says we boorow £22,742 includign the interest. We can live with the above BUT we are not sure we understand the early repayment charges correctly.

Can you help ? The following appears on the form that we are to sign :-

Examples of early repayment charges.

Term expired



Three Quarters

Charge per £100 borrowed





Please note that in calculating the amounts shown in these examples no account has been taken of any variations which might occur under the agreement, so the amounts are illustrative only. Please see condition 10 over for the details of the Early Repayment charge.

Part 10 to which the above refers talks about the amount due being in accordance with the consumer credit regulations 2004 so I presume this is OK.



What I am asking is can any one explain the table to me ? Is it as bad as I think it is ? Say I repay after 5 years when we move how much will I have to pay ?

Many thanks in anticipation.

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