Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Can you repay your short term loan early?
Find short term lenders that will let you repay your loan early and save.
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Overview
If you know you’ll be in a position to repay your short term loan off 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’re planning to do so, it’s important to ask ahead of time if there are any restrictions on early pay-off.
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:
| Lender | Can you repay early? | Conditions |
|---|---|---|
| Cash Converters |  | You may receive a discount |
| Cash Train | | Fees may apply |
| DollarsDirect | | – |
| Ferratum | | Ezi debit transaction fee of $1.25 per transaction |
| MoneyMe | | – |
| Nimble | | – |
| OK Money | | – |
| Sunshine Loans | | – |
| Wallet Wizard | | Make 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’ll be able to pay back the loan quicker than the term offered, you’ll want to check to see if you will be able to 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/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 will establish 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 are able to 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 more quickly 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.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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