Yes, you can. As long as you have enough in your savings to cover the whole of the amount left to repay, you can clear the loan immediately. There are no early repayment fees or penalties.
To repay your loan early, email your request to email@example.com.
- your full name
- your membership number (how to find this)
What happens to my salary deduction or direct debit?
The method you used to repay your loan (such as salary deduction, direct debit or standing order) will continue until you tell us otherwise.
Once your loan is fully repaid, the money deducted will be deposited into your Membership Account, helping you build savings.
If you would prefer to cancel or reduce your monthly deduction, please let us know.
What happens to my remaining savings?
When you take a loan with us, your savings are locked and held against the loan until you have repaid the loan in full. If you still have savings left over after repaying, we will unlock them for you within one working day.
You will be able to access and, if you wish, withdraw the funds using Online Banking.