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Why choose to repay your loan early?
If you find you have a wee bit more money in your account you might think about repaying your loan early.
This could mean you end up paying back less in interest in the long term.
It’s important to remember that if you repay your loan early, you will be charged an Early Repayment Fee. The amount you will be charged will be equal to 58 days’ interest on the amount you repay early (28 days’ interest if the period of the Loan is one year or less). If there is less than 58 days (or 28 days if applicable) remaining on the loan, the calculation will be based on the actual number of days remaining. This is in addition to your outstanding loan amount and any outstanding interest.
Early repayment charges
Our examples below are based on loan amounts borrowed over 5 years and on the basis the loan is re-paid in full half way through the term.
App available to customers with compatible iOS and Android devices and a UK or international mobile number in specific countries. Digital banking available to customers with a Royal Bank of Scotland account.
How to repay your loan early
If you hold a mobile device, the quickest way to get a settlement quote and pay off your loan is via the mobile app.
2. Click on loan account
3. Click pay my loan
4. Settlement quote will be shown in the journey (you will be able to download a PDF)
5. If you then decide to pay off your loan, you can do so by following the on screen instructions
Please note, if you’ve had your loan for more than 14 days, the balance you see on Digital Banking is not the amount needed to pay off your loan in full (the balance shown doesn’t include any early settlement charges nor accrued but unapplied interest). The quickest way to view your interest is to use the mobile app.
Alternatively, if you would rather request closure of your account online, complete the request form for an early settlement quote below.
Request your early settlement quote
- 01
Simply click on the link below
- 02
Fill out the short form with your details
- 03
We'll be in touch within a few days with your final amount due as well as the next steps to making your final payment. You can choose to receive this information by email, text or both.