Many online lenders making use of Open Banking are focused on changing the loan market to be fairer, easier to use and accessible for borrowers new to the world of credit (or even the country). This accessibility includes giving you a clearer idea of repayment times and how you can budget for the future. However, the question remains – can you pay off your Koyo loan early?
Can you pay off a loan early?
If you’re looking for personal loans you can pay off early, online lenders such as Koyo are ideal for you. In fact, paying off a loan early isn’t difficult and can be done at any time during the repayment process. Koyo doesn’t charge you any additional fees if you want to pay off part or all of your loan in advance. If you’re looking to strike off your loan and settle your repayments, the ability to pay off a loan early with Koyo can be very handy. 27.9% APR Representative.
How do you pay off a loan early?
The process of paying your loan off isn’t complicated and, like a loan application, only takes a few minutes. Simply log in to your Koyo Loans account and make a bulk payment to pay back your loan in one settlement, at no extra cost. If you’re having trouble logging in, don’t hesitate to contact us here – we’ll be happy to help. 27.9% APR Representative.
It doesn’t have to be one big bulk payment either – there is always room to pay back more each month without any further charges. When you’re looking to settle your loan faster, making those small additional repayments each month will help you out.
What are the best ways to help settle your personal loan faster?
If you’re interested in settling your loan early, there are some ways to ensure that you’re in a healthy financial situation to do so. Here’s some helpful advice from us:
Increase your additional payments each month
If, after looking at the options, you don’t think you’re in the right financial position to pay off your loan in one payment, you can still make additional payments each month. It doesn’t matter how big or small those extra repayments are, they will help you settle your personal loan that bit faster. Remember – if you’re not 100% sure that you can pay back your loan early, don’t take the risk.
Reduce your spending
This one’s a no-brainer, but with a lower expenditure each month, you could add some extra money to your repayment amount. Whether it’s cutting down on shopping costs or stopping unnecessary direct debits, there are plenty of ways to lower your spending on a monthly basis. We suggest taking a look at your outgoings in detail to properly see where things could change.
Budget your repayments beforehand
Our personal loan calculator makes discovering your representative rate simple, even before you’ve applied for your loan. This means you can easily see how much you need to pay each month. However, if you want to raise the number of your repayments on a monthly basis, it’s worth budgeting beforehand.
Sit down with your financial information and split that extra cost between your repayment time. By looking into things in-depth, you’ll be able to work out how much you can spend without getting yourself into any financial problems.
If you’re considering paying off your loan early, always remember to take a deep dive into your finances first. When you’re confident that you can make some extra payments, head to the online portal and start making those repayments!
Searching for a flexible personal loan between £1,500-12,000? Koyo Loans could be the right choice for you. Use our loan calculator to determine your representative rate and submit an application at www.koyoloans.com today. 27.9% APR Representative.