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lloyds flexible loan - over paying every month
pd52
Posts: 514 Forumite
I have a lloyds flexible loan , the monthly repayments are £174 a month, however since it opened in May Ive been paying an extra £350 -£400 on top every month. Will this increase my credit worthiness with the banks and CRAs or will Lloyds not like it because of the interest they are loosing out on?
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Comments
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No it won't improve your credit rating. All Lloyds is concerned with is the repayment of the debt. Your one loan account won't even register on their profit and loss account. What you will benefit from is satisfactorily repaying the loan in full.0
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That's the perk of a flexible loan. Well done, that's really good progress :T
Lloyds just want to have their loan repaid, you are doing that so they will be happy. It will evidence to them that you are not a big risk should you need any further borrowing in the future, unless you CR contradicts this information by some other entry at any point in the future.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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