Use LISA to pay off DEBT?

JJM236

Hi guys, I have a £5500 loan at (4.9%) and £6500 in a LISA (earning 1%). I believe that due to COVID the penalty for withdrawing a LISA has been lowered to 20% rather than 25%. 
If I withdraw, does this mean I just lose the bonus and none of my own money?
If so, is it advisable to withdraw the LISA and pay the loan off?

Thanks in advance. 

J

MovingForwards

This is your 4th thread across various parts of MSE. Have you read the comments in your other threads?

You've said in another you have over £1k disposable income per month, so why not leave the LISA as is, put the disposable income into the debt and it will be clear in 5 months, your LISA and bonus will be in tact and the reason for that was also explained in another thread.

JJM236

Yes was not sure where to post. 
Thanks for your advice.

MinuteNoodles

The advice will not change because it's posted on a different board. In fact it won't change if you posted it on an entirely different personal finance website.