Loan Advice - Pay in full now or continue monthly payments?

LondonSci55

Evening all!
I currently have a personal loan with my bank with an interest rate of 27% APR. 
I have another 17 months left of repayments to pay off the loan. However, I now have the money to pay off the loan in full.
If I were to pay in full now I would save around £250 in total. 

My credit rating in the past has been poor but is now quite good. 

I would appreciate any advice on whether it would be better for my credit rating to repay in full now, or continue the monthly repayments at the cost of £250 to continue to show my ability to repay monthly?
Many thanks in advance! 

jonesMUFCforever

Pay it off and save on the interest that would be charged.
Use if you can, the funds that you used to repay the loan to build up a savings pot.

[Deleted User]

No one has a credit rating its a meaningless number, we all have a credit history, i'd pay it off and then as above build up an emergency fund, 27%apr is high and interest on savings almost non existant.

femalemonarchfemalecanine

LondonSci55 said:

Evening all!
I currently have a personal loan with my bank with an interest rate of 27% APR. 
I have another 17 months left of repayments to pay off the loan. However, I now have the money to pay off the loan in full.
If I were to pay in full now I would save around £250 in total. 

My credit rating in the past has been poor but is now quite good. 

I would appreciate any advice on whether it would be better for my credit rating to repay in full now, or continue the monthly repayments at the cost of £250 to continue to show my ability to repay monthly?
Many thanks in advance! 

much better for your wallet to pay it off now. If you want to improve your credit history, get a credit card, use it to buy stuff you would buy already, and pay it off in full [I find a direct debit easiest, but it depends on you]. You need to show that you can handle money and credit responsibly.