Can you repay your short term loan early?

Find short term lenders that will let you repay your loan early and save.

If you know you’ll be in a position to repay your short term loan ahead of schedule, great! Repaying early can save you money in fees and make your budget easier to manage. Not all lenders have the same rules in place when it comes to repaying your loan early. So, if you plan to do so, it’s important to ask ahead of time if there are any restrictions on early payoff.

Payday loans

Which lenders let you repay your short term loan early?

If you know you won’t need to take out a short term loan for a long period, or you already have a loan and want to check if your lender will let you repay, take a look at the list below to see which lenders allow early repayments:

LenderCan you repay early?Conditions
Cash ConvertersyesYou may receive a discount
Cash TrainyesFees may apply
DollarsDirectyes
FerratumyesEzi debit transaction fee of $1.25 per transaction
MoneyMeyes
Nimbleyes
OK Moneyyes
Sunshine Loansyes
Wallet WizardyesMake additional payments at any time

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

What to look for when comparing short term loan lenders

If you know ahead of time that you can pay back the loan quicker than the term offered, check if you can repay or settle the loan amount early without penalties. If it isn’t immediately apparent when looking over loan terms, be sure to contact the lender and ask specifically. Always double-check the contract before you sign or agree to the terms.

What you need to do to repay your loan early

When you’re ready to repay your short term loan ahead of schedule, make sure you do the following:

  • Check your loan contract. Your loan contract establishes any fees or penalties you might have to pay as well as any stipulations regarding early repayment of your loan. It’s best to be aware of these before you get in touch with your lender.
  • Contact your lender. The contact information for your lender will be listed on any correspondence, as well as on the lender’s site. You can usually contact lenders by email or phone, and some also offer online chat. Ask how you can repay your loan early, what fees apply and if any savings or discounts are available. You should also ask how quickly you can settle the loan, because the quicker it can be settled, the more you can save.
  • Repay your loan. Follow the instructions given to you by the lender to ensure the loan is repaid correctly. After you have repaid the loan in full, make sure you can see the account is closed to avoid mistaken charges.

Bottom line

If you’re in a position to pay back your loan early, then it may be worth doing to save you money in fees and interest. Before taking out a loan, it’s always worth double-checking the contract before you sign or agree to the terms, as it’ll detail all aspects of the loan, including early repayment details. Ensure you check the conditions of early repayment associated with your loan, as it differs between loans and lenders.

Frequently asked questions

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