- Yes, you can repay your loan in full at any time. However, you can’t repay or make early payments of part of the loan - it has to be in full.
- If you want to repay your loan early, please contact us on 0203 308 9190 or email email@example.com to request a settlement figure.
- If you're in a position to fully repay your loan in the first 12 months, you won’t pay any interest, as this has been paid for by the Government during this period, and there are no early repayment charges.
- To avoid incurring any interest, please make sure this payment is made at least eight days before the 12 month repayment holiday ends. For example, if you took out your loan on 1 June 2020, your repayment holiday would end on 31 May 2021. So to repay your loan early without paying any interest, you would need to pay by 23 May 2021 (i.e. at least eight days before the end of your repayment holiday).
- After the first 12 months, you will start owing interest for the period you have been borrowing for on top of your monthly repayments.
- You can view your repayment schedule at any time in the My Account section of the website.