Anyone help with Natwest Personal loan?

steph123steph

I was just looking online at my loan account and it seems my intrest was going down monthly and then I made a small overpayment and the intrest went back up? Does anybody know how the intrest is normally calculated? I checked with natwest that I could overpay, and they told me there were no penalties if I did this? I cant speak to someone until monday now cause Ive got lots going on, can anybody shed some light? Thanks

Kavanne

steph123steph wrote: »

I was just looking online at my loan account and it seems my intrest was going down monthly and then I made a small overpayment and the intrest went back up? Does anybody know how the intrest is normally calculated? I checked with natwest that I could overpay, and they told me there were no penalties if I did this? I cant speak to someone until monday now cause Ive got lots going on, can anybody shed some light? Thanks

This wasn't between August and September was it?

Interest on (new styles) NatWest loans is calculated on a daily basis and charged to your account on the last business day of the month. This meant, due to August Bank holiday you were charged on the 28th and then in Sept you were charged for all of sept plus a few days at the end of Aug so it would have been more.

Simples?

steph123steph

ah yes, I understand the daily intrest rate now. I was working on how my mortgage is calculated but realise its slightly different :rolleyes: thanks x