Daily Interest and overpaying

Thrugelmir

TrickyDicky101 wrote: »

It won't make a huge difference unless you are either on a high interest rate or you are making very large overpayments.

Einstein's 8th law of compound interest.

He understands it earn it, he who doesn't pays it.

The rewards may be long term but are worth having by making affordable overpayments. Secondary benefit is that as interest rates rise the impact will be lower.

TrickyDicky101

Thrugelmir wrote: »

Einstein's 8th law of compound interest.

He understands it earn it, he who doesn't pays it.

The rewards may be long term but are worth having by making affordable overpayments. Secondary benefit is that as interest rates rise the impact will be lower.

I stand by what I said: it simply doesn't make a huge difference.

jrsga

So we are talking about £1.31 a day in this scenario? So thats £40.61 on a 31 day month. A fair amount.

Thrugelmir - when you say "Any payments made should be credited to the loan account on the day they are processed by the lender" you mean a lender by law has tgo abide by this?

TrickyDicky101

jrsga wrote: »

So we are talking about £1.31 a day in this scenario? So thats £40.61 on a 31 day month. A fair amount.

No - that's £1.31 for the entire 30 day period. It ain't much.