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Can my business pay back a loan early?

Yes, unlike many other finance providers you can pay back your loan early at any time at no extra cost. You will need to pay the interest due until the end of the month of repayment, and the principal amount outstanding.  Please note that the loan amortises over the course of the loan, as demonstrated in the example below:

For example if you took out a £25,000 loan for 36 months with an interest rate of 6% the total you would have to repay over that 36 month period would be £27,380. If after twelve months you wanted to repay the loan you would only pay back £26,373 saving you £1,007. If after twenty four months you wanted to repay the loan you would pay back only £27,134 saving you £246.

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