Pay off personal loan 11 months early

Proudarse

Hi All

I'll keep it brief, I took out a personal loan of 10,000 from Nationwide and have 11 more payments to make.

The outstanding balance I believe is just over 3,000.

I will call Nationwide on Monday to discuss but wondered if anyone here with experience with this sort of thing could tell me if there are any fees involved?

Thanks in advance

fatbelly

Just ask them for a settlement quote and see if you like the figure. There won't be any massive penalty

Craig1981

you would pay up to 56 days interest on the outstanding balance on the day you settle/request settlement figure

Proudarse

Thanks to you both for taking the time to reply. I just contacted Nationwide and they confirmed there are absolutely no fees to pay, they did away with fees back in 2017.

As long as I pay before January 7th I won't have to pay a penny more in interest which is fantastic although that's not the main reason for paying it off early.

Thanks again.

chelseablue

I paid off a personal loan with Nationwide early

I had an issue where it was showing as £0 balance on my credit report but they didn't close the account, but one phone call and it was sorted and showed as closed the next month

Proudarse

Thanks for the heads-up Chelsea, I'll be sure to keep an eye on that.