Paying off Lloyds Loan early

TGFLFC

Hi all,

I did have a look through several threads of this nature already however they were from a few years ago so unsure if things have changed since then.

I have a loan with a remaining balance of £2100, I pay £130pm. I've been offered the money from a family member to pay this and a credit card I have off.

My early settlement quote is £2200, which is £100 more than. Some people might say it's only £100, but it's £100 I'd rather have in my pocket than theres.

Could I pay off £2050 for example then at the end of the month my last £130 will come out and then leave me in credit for refund?
Or would they somehow still want to charge me the 58 days interest.

Any help would be much appreciated, thanks in advance.

little_miss_muppet_face

Yes you can. Best pay off say £2000 then ring them and ask for a settlement figure, you will only pay interest on the £100 which will be very small.

burlington6

In my opinion the £100 isn't worth the trouble. We see threads on here all the time about borrowing/lending money to family members. It could go wrong and for the sake of £100 it really isn't worth the grief