Making Extra Repayments

 

This is A Thing?

Yes, it seems odd but not every loan product allows you to make extra repayments. You would think that it’s a standard feature but depending on the loan, making extra repayments may be restricted. This is most common in fixed interest rate loans and sometimes extra competitive/low interest loans.

What to Know?

What’s really important is for you to understand how you’re planning to repay your loan and if you are planning to make extra repayments. This is important for understanding, if this feature (or lack of it) will affect you and paying off your loan to how best fits you.

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