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Lloyds bank loan

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Gavhough
Gavhough Posts: 51 Forumite
in Loans
Hi all. I have a loan with Lloyds bank with around 7k owing. I am in a position to pay loan off. If I pay early I have to pay 2 months interest on top. If I made an additional payment of say £25 short of the balance, would I get away with the additional interest payment, and the last payment of £25 would close the loan?

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  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Make a one off payment less say £100 - then let the d/d repayment go through (your loan will go into credit and trigger a refund of any overpayment) - depending on the actual loan terms and conditions you can avoid the early settlement charge.

    Check your paperwork some loans no longer attract the ESF
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