Loans

How to manage the cost of your personal loans

You might be surprised by how much you could save on the cost of your loan by moving it or repaying early – even if there are extra charges for doing so. We take a look at your potential options below for unsecured loans and provide tools to help you compare costs.

Repay loans with savings

It almost always makes sense to repay any outstanding loans using your savings – just make sure the early repayment charges aren’t too high. And if you have savings to use, always pay off your most expensive loan debts first.

Below are some different options for reducing the overall cost of your loans even if you can’t repay them in full yet. The options are best for reducing the cost of unsecured loans. These are loans that don’t require something as security in case you cannot pay a loan back.

Switching to a low-interest loan or shorter deal

If you don’t have savings, you might be able to pay off your loan in full and more cheaply with another loan – for example where you can get a lower interest rate, a shorter deal, or both.

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