If you know you’ll be in a position to repay your short term loan ahead of schedule, great! Repaying early can save you money in fees and make your budget easier to manage. Not all lenders have the same rules in place when it comes to repaying your loan early. So, if you plan to do so, it’s important to ask ahead of time if there are any restrictions on early payoff.
If you know you won’t need to take out a short term loan for a long period, or you already have a loan and want to check if your lender will let you repay, take a look at the list below to see which lenders allow early repayments:
| Lender | Can you repay early? | Conditions |
|---|---|---|
| Cash Converters |  | You may receive a discount |
| Cash Train | | Fees may apply |
| DollarsDirect | | – |
| Ferratum | | Ezi debit transaction fee of $1.25 per transaction |
| MoneyMe | | – |
| Nimble | | – |
| OK Money | | – |
| Sunshine Loans | | – |
| Wallet Wizard | | Make additional payments at any time |
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
If you know ahead of time that you can pay back the loan quicker than the term offered, check if you can repay or settle the loan amount early without penalties. If it isn’t immediately apparent when looking over loan terms, be sure to contact the lender and ask specifically. Always double-check the contract before you sign or agree to the terms.
When you’re ready to repay your short term loan ahead of schedule, make sure you do the following:
If you’re in a position to pay back your loan early, then it may be worth doing to save you money in fees and interest. Before taking out a loan, it’s always worth double-checking the contract before you sign or agree to the terms, as it’ll detail all aspects of the loan, including early repayment details. Ensure you check the conditions of early repayment associated with your loan, as it differs between loans and lenders.
Browse our collection of payday loan guides, designed to answer all of your short term loan questions and help you find the right payday loan.
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