You can make extra payments to your loan at any time without any additional charges or penalties. Extra payments will be deducted from the total value of your loan.
Before making any extra payments to your loan, please think carefully about whether this is affordable.
If you make extra payments your current monthly repayment amount will remain the same, and your loan term may decrease which may reduce the overall amount of interest you pay.
To make an extra payment:
Log into your Lendable account.
Go to the ‘Manage’ section and input the extra amount you want to pay.
We will take the extra payment as a one-time Direct Debit from your registered bank account.
If you want to repay your full loan balance, then you can do so by selecting the 'Request a settlement quote' option.