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Early Loan Repayment (Permnant TSB Personal Loan)

  • 30-08-2014 7:40am
    #1
    Dotsie~tmp
    Registered Users, Registered Users 2 Posts: 1,428 ✭✭✭


    Hello. Can anyone help me understand the early repayment terms of this loan.

    Loan: 7800.00
    Over 60-month: 174.49
    Cost of Credit: 2669.40
    Total: 10469.40

    I paid it back at week 38. They took another 22 payments of 174.49 (thats principle 130 + 44.49 interest) + 25 early repayment fee. So I actually paid 25 more that if I had just let the load run. The early repayment terms are posted below but I'm ashamed to say I'm too thick to know exactly what they say. Was I liable for ALL the interest after early payment?

    320356.jpg


Comments

  • #2
    SBarrett
    Registered Users, Registered Users 2 Posts: 160 ✭✭SBarrett


    You had a fixed rate loan. Any early repayment of the loan meant that you have to pay all of the interest that was due to paid over the full term of the loan.

    If you had a variable rate loan, you could have repaid it early and not pay all the interest due for the full term.


    Steven


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