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rebates

dave1664
dave1664 Posts: 1 Newbie
in Loans
can any body give some advise about loan rebates,have a doorstep loan would like to know if by law i am entitled to a rebate if i clear the loan early

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    A rebate - no.

    You would usually pay less interest overall if you pay off the loan early than if you let it run for the full term. Certainly you would with a long term loan from a mainstream bank. Though you wouldn't for something like a payday loan which is for a short fixed period of time.

    So you'd need to check your original loan agreement for early repayment terms.
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