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Early Repayment

Definition
A fixed sum that is to be paid by the customer to complete the contract.  Early repayments are either full repayments of a loan or partial repayments that are pre-agreed between the lender and the borrower.  Some lenders charge an Early Repayment Fee which can be found in your loan agreement.

Explanation
Full repayment – Customers can repay their loan at any time by contacting us and telling us that they want to settle their loan early without an early repayment fee. We will calculate the early repayment settlement figure which will be valid for 28 days.

Partial repayment – Customers can pay more than their required monthly payment at any time during the duration of the loan but they’ll need to let us know, by phone or in writing, of their intention to do this. We do not charge an early repayment fee.

Customers can pay by:

  • Bank Transfer
  • Online
  • Phone
  • Cheque Payment
Effective date

Definition
The date a consumer credit agreement is signed by both parties and becomes active.

Explanation
The effective date is sometimes also called the start date, inception date or execution date.

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