Lloyds TSB bank loan

andym6561

I borrowed £6000 and was paying back £266.89 over 24 months which totalled £6405.36 over the 24 month period ( £16.89 per month interest )

I contacted the bank at the beginning of the week to pay the loan off ( 1 month and 26 days early ) expecting to save at least 1 months interest, but they said there was no rebate to be had

I intend to phone them on Monday to get a clear explanation as to why, but thought i would see if anyone on this site had come across the same situation.

Thanks
Andy

Finefoot

I looked into this once, apparently, they collect their interest first, so thats why you would not saave any of the interest by completing early. You are now paying the loan.

jonesMUFCforever

Interest is calculated daily so there is no early refund of interest.