LPC loan and investec bank

anoushka90

I was looking into this loan from investec bank for LPC students starting at BPP:

its called investec law loan (cannot post link as a new user)

but the interest rate seems extremely high; any better options?


and I do not understand this question:

Can I repay my loan early?
Yes you can repay your loan early. You will need to repay the outstanding principal amount plus all accrued interest. Investec will calculate the amount outstanding for you.

Does this mean I pay them the interest that would have accumulated had I not paid early?

Any advice much appreciated!

Eonel

To save anyone else looking it up,it appears to be a specialist (& genuine) loan for people training to become lawyers. The APR is 9.9% which is not a bad rate.

Accrued interest is not the full interest of the loan -only that incurred up to the point of repayment. However I believe they can add up to 56 days extra interest in event of an early settlement.

anoushka90

However I believe they can add up to 56 days extra interest in event of an early settlement.

Where does it say that please?

Eonel

It doesn't say it anywhere. The loan application is paper based so the full terms and conditions do not appear to online.

58 days interest (not 56) is the industry standard for early settlement. You would have to review the T&Cs - in fact as a trainee lawyer, you should be all over them.