Can you pay off a payday loan early?
Yes, you can pay off a payday loan early. Each short term loan provider is different, so you should check the terms and conditions. You may also be able to save money on the interest by repaying your loan early.
How do I find out?
All loan providers are different, each offering specific terms on your loan. You should check with your loan provider as the details of whether you can pay off a short term loan early will be within the terms and conditions of the agreement signed between you and the lender. Generally, you should be able to repay your loan without incurring any additional costs.
Will I save money by paying my loan early?
You may be able to save money by repaying your loan early. Some providers will encourage it. We have a full list of lenders on our home page. Many providers such as Satsuma and Mr Lender, will allow you to repay you payday loan early, reducing the amount of interest you pay on the loan, overall. So it is encouraged to pay off your loan early if you can to help reduce these charges. You should avoid taking out a loan if there is a penalty for early repayment.
How do I repay my loan earlier than planned?
It's relatively easy to make a full or partial early repayment on your loan.