Whether loans can be paid off early will depend on the terms and conditions set out by the lender. Some lenders will allow you to overpay in full or partially at any time with no early repayment charges; so if you find yourself in the fortunate position where you can make an overpayment, or even pay your loan off early, then you could.
Paying off your loan early means that you will have one less expense to cover each month, giving you a little more financial freedom. It also means your outgoings will be less, and you will have more money to spend on other things, or even better – you can save it!
If you take out a loan with us and you want to repay early, that is fine – you can make a partial or full repayment at any time. Your interest is calculated over the term of your loan based on the APR and amount you borrow from us. More details on paying off a 118 118 Money loan early can be found in our loans FAQs.