Does repaying a loan early save money in the UK?

Yes, repaying a loan early can save money because you pay less interest overall. However, some lenders may charge early repayment fees or have fixed-interest structures, so the savings vary. Always check your loan agreement before making changes.

Are there penalties for repaying a loan early?

Some lenders in the UK may charge an early repayment fee, especially for personal loans or mortgages. Payday loans and short-term credit often allow early repayment without penalty. Always confirm with your lender first.

How do I calculate my savings from repaying early?

You can calculate potential savings by comparing the total interest payable over the original term against the interest payable if you repay earlier. This Interest Savings Calculator gives you a quick estimate, but actual savings depend on your lender’s terms.

Interest Savings Calculator | Wageme.com ® Official

Representative APR: 79.5 % (fixed) View Example

Here's an example to illustrate: Representative APR of 79.5% (fixed). Here's an example to illustrate: If you borrow £1000 for 12 months, your monthly payment will be £123.40. The total amount repayable will be £1480.80, including £480.80 in interest. The interest rate is 79.5% (fixed). Interest rates range from 11.8% APR to 1721% APR. You can request a quote without any obligation. The APR you receive will depend on your personal circumstances. Our loans are available for amounts between £100 and £5000, with terms ranging from 3 months to 36 months

Want to save money on your Payday loan or short-term loan? Paying it off faster than planned can significantly cut down the total interest you pay. This handy, free UK calculator helps you estimate those potential savings. Just enter your loan information below to see how the original cost compares to the cost of repaying it sooner.

💡 Interest Savings Calculator (UK)

See how much you could save by repaying your loan early. This is an estimate only – actual savings may differ.

Loan Amount (£): Annual Interest Rate (APR %): Original Loan Term (months): Months Until Early Repayment:

Disclaimer: This calculator provides an estimate only. Actual savings will depend on your lender’s terms, how they calculate interest, and whether early repayment fees apply. Always check with your lender before making changes.

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Interest Savings Calculator

💡 Interest Savings Calculator (UK)

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