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Loan repayment amount hikes every sunday

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hi I have 1 year left on a 5 year loan and have been getting the settlement figure from the online company site every day this month to see if it makes a difference when I pay it off during the month. It starts off the cheapest on day 1 and rises each day as you would expect however every sunday the figure is always much higher then the days before or after. Am I being suspicious is this is because most people would settle their loan on a sunday or is there another reason does anyone know? thanks

Comments

  • Maybe the week's interest is added on a Sunday.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • nomoneytoday
    nomoneytoday Posts: 4,871 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The bank would be closed, so the payment would be for value Monday?
  • DevCoder
    DevCoder Posts: 3,361 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Because the sunday figure includes Friday,Saturday and Sunday interest (as banking systems don't tend to run their end of day on saturday/sunday so the extra 2 days interest gets calculated for value either close friday or close monday.
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