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Early repayment of loan
boogiesherbs
Posts: 197 Forumite
in Loans
Hiya my fiancee has a loan that was taken out by her sister in her sisters name and my fiancee pays her sister the amount in a standing order every month.
We are wanting to clear the loan before its end date, what we want to know is will the settlement figure be smaller if we pay the loan early!
thanks in advance!
We are wanting to clear the loan before its end date, what we want to know is will the settlement figure be smaller if we pay the loan early!
thanks in advance!
0
Comments
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Depending on T&Cs the repayment should be less than what you would pay if she continues the payments until full term. The difference will be the interest for the remaining time (possibly less a couple of months). Best to ask the sister to get a termination quote and go from there.:jMay 2013 new beginnings:j0
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