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What happens if I pay off my loan early?

If you’ve recently inherited some money or your financial circumstances have changed, you may want to pay off your loan early. It’s always good to try and clear your debt, but before you pay off your loan, make sure it won’t cost you more in the long run.

Early settlement figure

Before you pay off your loan, you will need to request an early settlement figure from your lender. This will include the total amount remaining on the loan as well as any settlement fees and other charges.

Not all lenders charge for making early repayments, but some do. Fortunately, there are some restrictions on how much they can charge.

Morses Club PLC (LON:MCL) is an established, relationship-driven consumer finance provider offering a range of credit products and delivering exceptional services to customers in the non-standard finance market.