You can repay all or part of your advance early, at any time. If you choose to repay part of your advance early, your monthly repayments will be adjusted according to your new remaining balance. You can log in into your account and click "Repay early", or click here to request an early repayment.
Repayments of your advances are always paid in equal instalments.
For example, for a Core Member, making an additional payment of £50 on the £250 advance, during the first month will then reduce your next 3 monthly repayments by £16.67 (£50 / 3 = £16.67). It is important to note that an early repayment does not replace the next payment due. Unless you repay the full £250 immediately, you will still have the new payment due; the amount will just be lower.
February 15: Sign up for CreditSpring Core
March 2: End of 14-day wait period, take out £250 loan
April 4: £62.50 due, you pay £62.50 + an additional £50 = £112.50
May 2: £45.83 due
June 3: £45.83 due
July 2: £45.83 due
- By paying £50 extra on April 4, you essentially paid a little bit (£12.50 to be exact) of your next three payments of £62.50. Therefore, given you do not make another additional payment during the repayment period, you will be charged £50 three times in order to pay off your £250 loan.
- Typically, the calculation is: £250 - £62.50 - £62.50 - £62.50 - £62.50 = 0
- In this case, the calculation becomes: £250 - £62.50 - £50 = £137.5. You then have to pay back this new balance of £137.50 in three equal instalments of £45.83.